UDA calls for RFPs to restore and develop two iconic properties in city - Opportunity Sri Lanka
UDA calls for RFPs to restore and develop two iconic properties in city

UDA calls for RFPs to restore and develop two iconic properties in city

Daily FT: Urban Development Authority (UDA) Chairman Nimesh Herath has announced calls for Request for Proposals (RFPs) to restore and develop two unique and iconic properties in the city of Colombo.
He said the UDA has commenced the renovation of the dilapidated and historical buildings island-wide that are designated under the Department of Archaeology as economically viable adaptive uses such as shopping malls and tourism-related activities by preserving their original architectural features whilst adding modern features and amenities. These complexes are functioning as public spaces for shopping, hospitality, leisure and sports activities.
Herath emphasized UDA receives numerous requests from world-renowned hospitality sector operators for amenities, particularly for foreign visitors, and they want to establish specific amenities without compromising the location’s character. Historical structures are popular among tourists due to their historical significance and unique identities.
Several buildings with historical value which were constructed in the colonial period in Colombo and other main cities of the country such as Kandy, Nuwara Eliya, Galle, Matara etc., are vested with the UDA. These historical buildings often have unique and charming architectural features that have adaptive reuse market value and can be converted into high-end hospitality and leisure developments with conservation for future generations. Over time, this can lead to property appreciation, potentially increasing the value of the property. Further, investing in historical properties can diversify an investment portfolio. Real estate investments, especially in unique and historic locations, can provide a hedge against the economic crisis of the country. Therefore, UDA expects to explore these investment opportunities in the renovation of old dilapidated colonial buildings with the collaboration of the private sector investors while facilitating those investors for the said activities without Government financial support.
Accordingly, the UDA has issued Requests for Proposals (RFP) for the following properties, starting from 14 September, until 2 November.

OSL take:
Sri Lanka’s development programmed aimed at taking the country to the next level of development have opened up a host of new business/investment opportunities. The development and beautification of Colombo, the commercial capital of the country, has created opportunities for foreign businesses/investors. These opportunities range from engaging in direct development work to supplying goods and services to the development of supplementary infrastructure facilities. With Sri Lanka working towards becoming an emerging business destination in the South Asian region, these opportunities are bound to see an increase. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also helped Sri Lanka’s standing as a key business destination in the region. Foreign businesses/investors could therefore explore the expanding business/investment opportunities in Sri Lanka.

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Article Code : VBS/AT/20230919/Z_8

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