Sri Lanka’s UDA to open Otter Aquatic Club land for investment
The Morning: The Urban Development Authority (UDA) has revealed plans to open the Otter Aquatic Club land for investment opportunities once the club relocates to the newly announced The Elizabeth premises, which is expected to be completed in three years.
Speaking to The Sunday Morning Business, UDA Deputy Director General – Real Estate and Land Management E.A.C. Piyashantha noted that the three-acre property presently occupied by the historic Otter Aquatic Club belonged to the UDA.
He added that the UDA had entered into an agreement with Prime Lands to construct a mixed-development residential tower on a one-acre portion of the land, currently utilised as the Otter Club car park.
He further clarified that notwithstanding this agreement, the Otter Aquatic Club would continue its operations.
According to reports, the Otter Aquatic Club car park property will be developed by Prime Lands into The Elizabeth, a landmark residential tower.
However, Piyashantha revealed that once Prime Lands finishes construction, the Otters Aquatic Club would shift to the premises.
“Prime Lands is building this only on a portion of the land. Once it is completed, the Otter Club will shift there in about three years,” he stated.
He added that once the Otter Aquatic Club relocates, the UDA would call for investment proposals for the development of the remaining two-acre extent of the land.
According to the Request for Proposal (RFP) notice published by the UDA in 2024, a 158.15 perch portion of the Otter Aquatic Club land was offered on a 99-year lease at a base value of Rs. 2.3 billion, with the lease premium required to be settled within two years.
OSL take:
Sri Lanka’s ongoing development programme has opened many business/investment opportunities. With the country on a path to becoming a regional hub supported by Sri Lanka’s geographical positioning in the Indian Ocean, strong trade ties and a steadily improving business conducive environment, there are many business/investment opportunities covering all key economic sectors in the country. While Sri Lankan authorities are engaged in attracting more foreign businesses/investors to the country, there is renewed interest among foreign entities to explore the growing opportunities in the country given the strength, resilience and growth shown by Sri Lanka’s economy to economic challenges through the years as well as the increasing business potential of the country. Given these factors, foreign businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka, especially in the country’s ongoing development programme while also looking at engaging in these programmes through local collaborations.
| Article Code : | VBS/AT/20260305/Z_2 |