Port City To Bring US$ 5 Billion In Land Sales
Posted 12,April

By Chaveendra Dunuwille

In Local News

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Colombo Port City is a Sri Lanka China joint venture which sits on 269 hectares  of reclaimed land which is now officially designated as a part of Sri Lanka. 116  hectares out of the total belongs to the China Communications Construction  Company (CCCC) on a 99 year lease while the remained portion belongs to the  Sri Lankan Government. 

Official sources recently announced that the Port City Commission law governing  the Colombo Port City under the authority of the commission will pave the way  for the sale of 20 plots of land bringing a total investment of $5 billion.  

The Port City Commission has extensive powers to approve investments in the  area without the approval of the Board of Investment acting as a “one stop shop” for potential investors. As part of the first phase of developments of the 100  hectares of land that is ready for construction 20 building plots that will amount  to 60 hectares of land will be sold to investors. It is hoped that this will kick start  the demand by bringing businesses and workers which will soon be followed by  a greater demand for residential plots. 

According to the CHEC Port City Assistant Managing Director Thulci Aluwihare  40 of the 74 buildable plots will be allocated for commercial development  primarily focusing on attracting foreign investments. Aluwihare also highlighted  that this in no means hinders local businesses gaining a foothold in the Port city. 

The remaining 34 plots will have been slated for residential constructions  

Aluwihare went on to state that they hope to complete all the bridges, roadways,  water and sewage systems before the end of this year stating that the  constructions are going on as scheduled.  

The importance of this initial investment was emphasized greatly as the current  GDP of Sri Lanka is not sufficient to see the project completion and as such a  creation of a secondary demand is paramount for the success of the project