UDA seeks investment proposals for mixed-development project in Colombo
Daily FT: The Cabinet of Ministers has approved to call for investment proposals for a prime land parcel located at No. 40, D.R. Wijewardena Mawatha, Colombo 10.
The land extending three roods and 13.85 perches is currently owned by the Urban Development Authority (UDA). It will be offered to investors on a 99-year lease basis to develop a mixed-development project that aligns with UDA’s planning and development objectives.
Speaking at the weekly post-Cabinet meeting by media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the investment call will be based on an updated land valuation conducted by the Government Chief Assessor.
The move is seen as part of a broader Government initiative to use underutilised State-owned lands for productive economic activity with a focus on boosting employment, developing infrastructure and boosting long-term investment in urban areas.
The proposal submitted by Urban, Development, Construction and Housing Minister Aruna Karunathilake was approved by the Cabinet of Ministers.
OSL take:
With the country’s economy on a growth path and a target of becoming a regional hub, Sri Lanka’s development programme has presented a host of business/investment opportunities. Sri Lanka’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country with many foreign countries have all added to Sri Lanka’s attraction as an emerging business destination in the region. Given that Sri Lanka is working towards achieving regional hub status, the country’s development programme has presented a host of lucrative ventures for foreign businesses/investors. The many incentives on offer for businesses/investors interested in exploring the many opportunities in Sri Lanka have added to the country’s attractions among foreign businesses.
| Article Code : | VBS/AT/20250620/Z_8 |