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UDA to raise $ 6 b from 46 properties

25 Nov 2021

  • Lands include Chalmers Granaries, Welikada Prison
  • Cabraal praises UDA for initiative
BY Shenal Fernando The Urban Development Authority (UDA) has presented a property portfolio of 46 land parcels available for both prospective local and international investors, with the aim of attracting total investments of approximately $ 6 billion. The UDA showcased the 46 properties on offer at the “UDA Investment Forum 2021: Investment Opportunities 2022” held yesterday (25) at Water’s Edge Hotel Battaramulla. The property portfolio offered by the UDA included land parcels divided into nine categories based upon the type of the project involved: High-rise mixed development, middle-rise mixed development, IT-based development, Beira Lake waterfront development, hospitality and leisure development, residential tower development, office development, logistic hub development, and multi-storey car park cum mixed development. The largest land parcel offered was the Welikada Prison land, which was 16.4 hectare (ha) in extent and was offered on a 99-year leasehold basis, of which the expected total investment is $ 1.5 billion. Similarly, the Chalmers Granaries land in Colombo Fort was also offered on a 99-year leasehold basis and the expected total investment is $ 1 billion. UDA Acting Deputy Director General – Real Estate and Land Management E.A.C. Piyashantha claimed that the UDA possesses an asset base of around $ 600 million under its authority, of which these 46 land parcels were chosen to be offered to the market. According to Priyashantha, potential investors may rely on four types of investment models: Long-term lease basis for 99/50/30 years; joint venture with the UDA – public-private partnership (PPP); income-sharing with UDA – PPP; and build-operate-transfer (BOT) basis – PPP. He further claimed that the UDA would assist investors by providing a speedy approval process through the introduction of a one-stop shop by the UDA in Q1 of 2022. UDA Acting Deputy Director General – Planning Lalith Wijayarathne stated: “With the launch of the one-stop shop by the UDA, the developer will need to submit only one application, and the UDA will obtain clearance on behalf of the developer from other government agencies.” According to him, the one-stop shop will significantly reduce the time gap and the processing period, which includes 10 days for preliminary approval clearance, 14 days for survey plan approval, 21 days for building approval, 10 days for renewal approval, and 10 days for certificate of conformity. Additionally, the advanced monitoring system and the highly transparent application system introduced as part of the one-stop shop are expected to assist in answering investor queries and reducing corruption. Explaining further, Wijayarathne claimed that generally, the approval process involves five to 10 agencies, and based on the findings of the UDA, there are 32 institutions under 18 ministries which may be involved in the approval process. Therefore, he reiterated, the one-stop shop will play a significant role in reducing the complexity of the approval process. Meanwhile, delivering the keynote speech at yesterday’s UDA forum, Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal praised the UDA for this initiative, and drew parallels with the sale of the land of the former Defence Headquarters in Galle Face. He said: “My mind goes back to 2009; at that time, Sri Lanka had just completed a harrowing experience and was at the cusp of a new era, which was the development phase of Sri Lanka. At that stage, one of the triggers that took the country forward was the transformation of Galle Face to a new commercial centre. The Defence Headquarters was located there, occupying one of the best vantage points of the country overlooking the Indian Ocean. It was unthinkable at the time that any commercial establishment would be formed there. But change occurred, triggered by His Excellency (then) President Mahinda Rajapaksa and Secretary at the time of urban development, today’s President Gotabaya Rajapaksa,” He said that location was transformed to a commercial hub of malls, hotels, and apartments overlooking the Indian Ocean and the Port City and that transformation set the foundation for Sri Lanka’s phenomenal growth thereafter.

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