Sri Lanka’s UDA commences construction of housing complex in Colombo
Sri Lankan construction company, MAGA, has reportedly commenced construction work on an 11-storey 624-unit housing complex in the country’s commercial capital Colombo, under the initiative of Sri Lanka’s Urban Development Authority (UDA).
MAGA is engaged as a design and build contractor to complete construction of the housing complex funded by the government of Sri Lanka and the Asian Infrastructure Investment Bank (AIIB), the Daily FT has reported.
Covering a total floor area of 394,062 sqft, the building will have 624 fully-equipped housing units and the project contract value which is Rs. 3.1 billion is to be completed in May 2023.
The new complex is part of the government’s long-term Urban Regeneration Project, the media report stated.
The Urban Regeneration Project focuses on enhancing the status and livelihoods of under-privileged communities in urban areas around Sri Lanka’s capital and is aimed at constructing 70,000 housing units for communities living in underserved settlements and slums without access to basic infrastructure facilities such as clean water, electricity and sanitation.
The project has reportedly focused on livability and community aspects: large courtyards, space for shops, community halls, health centres, a maintenance office, nursery, children’s play area, day-care centre, police command centre, and large parking area.
Once complete in May 2023, the two-acre housing complex will provide hundreds of families with access to formal land tenure, a decent home, and essential infrastructure and amenities such as safe public spaces, clean water, electricity, and sanitation.
OSL take:
The increased economic activities in the country has in turn increased the need for urban housing solutions in main cities, especially in Sri Lanka’s commercial capital, Colombo. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country is helping Sri Lanka become a business hub in the South Asian region. These have created a need for the construction of housing solutions in urban areas to address the influx of people engaged in employment in the cities. The expanding business/investment opportunities in the housing sector have provided new opportunities for foreign businesses/investors.
| Article Code : | VBS/AT/20200922/Z_3 |