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Racecourse Mall may be leased out à la Arcade

09 Apr 2021

  • Public-private partnership envisioned

  The Colombo Racecourse Mall, which falls under the Urban Development Authority (UDA), may be leased out to a private company, similar to the recent lease of the Arcade Independence Square to Softlogic Holdings. “Similar to the Arcade Independence Square Shopping Complex, we may go for a public-private partnership (PPP) for the Racecourse Shopping Mall in the future,” Ministry of Urban Development and Housing Secretary Sirinimal Perera told The Morning. Perera added that a partnership with the private sector is sought under President Gotabaya Rajapaksa’s “Vistas of Prosperity and Splendour” policy vision to improve the businesses inside these malls. “When we were in the Government from 2010 to 2015, we ensured that business was good by operating tour buses filled with tourists to the malls and by holding various entertainment events to attract crowds. The decline in these things during the tenure of the last Government from 2015 has led to us having to take these decisions now,” added Perera. The Arcade Independence Square was leased out last month to Softlogic Holdings for a period of 10 years. Both the Arcade and the Racecourse Mall were developed when the current President was then Secretary to the Ministry of Defence and Urban Development, and Perera was UDA Chairman.

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