While the floating market in Pettah is likely degrading due to mismanagement and poor maintenance of the premises, the Ministry of Urban Development and Housing is currently awaiting Cabinet of Ministers approval to proceed with foreign investments to develop the site.  

Early last year (2024), a Japanese investor reportedly expressed interest in redeveloping the floating market, according to the ministry. This followed concerns raised by various parties regarding the Urban Development Authority's (UDA) management of the facility.  

Speaking to The Daily Morning yesterday (21), the Secretary to the ministry Ranjith Ariyaratne, stated that the ministry cannot approve investments without the Cabinet's approval. "Even if anyone comes forward, we cannot approve unsolicited proposals. It must go through the Cabinet. We are awaiting its approval," he said.  

Addressing the media earlier, the then Minister of Urban Development, Prasanna Ranatunga, stated that steps had been taken to advise the UDA to develop the floating market under a public-private partnership. The Government, facing financial constraints due to the economic crisis, was unable to fund the project independently. The UDA had subsequently invited potential investors, during which a Japanese investor expressed interest in the project.