Sri Lanka’s Urban Development Authority evaluating investors to lease Racecourse in Colombo
Sri Lanka’s Urban Development Authority (UDA) is currently in the process of evaluating potential investors to lease out the Colombo Racecourse Mall, similar to the recent lease of the Arcade Independence Square, to Softlogic Holdings, according to The Sunday Morning Business.
UDA Director General N.P.K. Ranaweera has told The Sunday Morning that they are in a callout for potential investors who would be interested in a public-private partnership (PPP) to develop and operate the mall.
“We have announced the leasing out of the Colombo Racecourse Mall and are now inviting potential investors. We are in the evaluation process,” Ranaweera has said.
In April, Secretary to the Ministry of Urban Development and Housing Sirinimal Perera had told The Sunday Morning that the Ministry may go for a public private partnership (PPP) for the Racecourse Shopping Mall in the future, similar to the recent lease of the Arcade Independence Square shopping complex.
“When we were in the Government from 2010 to 2015, we ensured that business was good by operating tour buses filled with tourists to the malls and by holding various entertainment events to attract crowds. The decline in these things during the tenure of the last Government from 2015 has led to us having to make these decisions now,” Perera had said at the time.
OSL take:
Sri Lanka is engaged in an aggressive development programme aimed at taking the country to the next level of development. The government of Sri Lanka is also focused on promoting business/investment opportunities among foreign businesses/investors. Public private partnerships (PPPs) are also being promoted in the development programme. Sri Lanka is fast becoming a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. All these have expanded business/investment opportunities in Sri Lanka. Given the country’s expanding economic activities, foreign businesses/investors could explore opportunities in Sri Lanka.
| Article Code : | VBS/AT/20210727/Z_7 |