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Sri Lanka’s Urban Development Authority reduces rentals at iconic Dutch Hospital in Colombo

Sri Lanka’s Urban Development Authority reduces rentals at iconic Dutch Hospital in Colombo

Sri Lanka’s Urban Development Authority (UDA) has reportedly decided to reduce the monthly rental of Colombo’s iconic landmark as well as shopping precinct, the Dutch Hospital in Colombo 1, by 50% until 31 December this year. The offer has been offered to all tenants at the Dutch Hospital.
The move has been implemented due to the impact of the Covid-19 pandemic on leisure properties of the UDA and requests made by tenants and the concessionary rent is with retrospective effect from March 2020, local media reports stated.
In early April, the Colombo City Restaurant Collective (CCRC) had called for a state-backed rent assistance programme that would ensure the continuity of the business.
Although the tenants of Dutch Hospital, Colombo 01 have not been formally informed about the UDA’s move yet, CCRC President Harpo Gooneratne has told the Daily FT that they welcome the move.
“We have not been formally informed yet, but if the Government has taken such a decision we welcome it. Any assistance from the Government during this difficult stage will be of immense help to tide over the present crisis,” Gooneratne has said.
As per the new decision of the Board, the 50% rent and service will not be applicable to those tenants who have rental in arrears as at 29 February 2020.

OSL take:

The reduction of the rental for the Dutch Hospital shopping precinct in Colombo is indicative of the support extended by the government of Sri Lanka to local businesses to bounce back after the closure during the peak of the global Covid 19 pandemic. The ease of doing business environment in the country has helped the growth of the country’s private sector. Also, Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have made the island an attractive business destination in the South Asian region. Therefore, Sri Lanka is a hotspot for business/investment opportunities. 

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Article Code : VBS/AT/20200910/Z_2

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