Thirty additional plots of lands in Sri Lanka have been earmarked by the Urban Development Authority (UDA) for investment projects on a 99-year lease basis, the Sunday Morning reported.
UDA Acting Deputy Director General of Real Estate and Land Development E.A.C. Priyashantha said seven such plots of land have been advertised by the UDA for investment projects.
Some plots of lands situated on D.R. Wijewardena Mawatha were identified to be developed under the Beira Lake Development Guide. Local or foreign investors could invest in either housing or hotel-related projects under the said development project, he explained.
Priyashantha further said the lands that were not utilised for this purpose would be utilised for development projects.
The UDA recently published an advertisement for investment projects on 07 prime properties in Colombo on a 99-yea-lease basis.
The properties included plots of lands on D.R. Wijewardena Mawatha, the Sri Lanka Exhibition and Convention Centre (SLECC), the People’s Bank Queens Branch, and the Sathosa Warehouse Complex, with base values of Rs. 3.7 billion, Rs. 1.3 billion, and Rs. 1.6 billion respectively.
Priyashantha said the Colombo city would be developed as a commercial and tourist destination and the older buildings situated in the heart of Colombo would be developed under the heritage building development plan without being demolished and will be preserved.
According to him, the office complexes in the city centre would be shifted towards Kotte and Battaramulla, with the UDA preparing to develop the Colombo City in parallel to the Colombo Port City.
The UDA Acting Deputy Director General of Real Estate and Land Development added that however, these investment projects will be conducted without the involvement of the state property development entity, Selendiva Investments Ltd.
The state owned company has earmarked properties including the Grand Oriental Hotel, York Building, Gaffoor Building, General Post Office, Cey Nor Seafood Restaurant near the Lotus Tower, Waters Edge, Hilton Colombo, Grand Hyatt Colombo located in the vicinity of the Colombo Port City, as well as the International Co-ordination Centre in Kankesanthurai, Jaffna for development projects.
The properties reportedly will be developed under three investment portfolios, namely “Heritage Square in Colombo Fort”, “Real Estate Development”, and “State-Owned Hospitality Sector”. (NewsWire)