News

UDA seeks investments for properties: Total of 30 land plots identified

  • Advertisement highlights seven plots of land for projects

By Maheesha Mudugamuwa

Thirty additional plots of land from around the country have been identified and earmarked by the Urban Development Authority (UDA) for investment projects on a 99-year lease basis, The Sunday Morning learnt.

Accordingly, the investments would be carried out by the UDA without the involvement of the state property development entity, Selendiva Investments Ltd.

Speaking to The Sunday Morning, UDA Acting Deputy Director General of Real Estate and Land Development E.A.C. Priyashantha said that in the recent advertisement published by the UDA, seven such plots of land were advertised for investment projects.

A few land plots situated on D.R. Wijewardena Mawatha were identified to be developed under the Beira Lake Development Guide, where local or foreign investors could invest in either housing or hotel-related projects, he explained.

Furthermore, Priyashantha said the lands that were not utilised for this purpose would be utilised for development projects.

Recently published newspaper advertisements listed seven valuable plots of land around the country for investment projects on a 99-year lease basis, including three land plots on D.R. Wijewardena Mawatha. The identified lands included the Sri Lanka Exhibition and Convention Centre (SLECC), the People’s Bank Queens Branch, and the Sathosa Warehouse Complex.

The base value of the SLECC land is Rs. 3.7 billion, the base value of the People’s Bank Queens Branch land is Rs. 1.3 billion, and the base value of the Sathosa Warehouse Complex land is Rs. 1.6 billion.

According to the UDA Acting Deputy Director General, Colombo city would be developed as a commercial and tourist destination, and the office complexes in the city centre would be shifted towards Kotte and Battaramulla.

He also noted that the older buildings situated in the heart of Colombo would be developed under the heritage building development plan, and those buildings would not be demolished and must be preserved.

The city of Colombo would be developed in parallel to the Colombo Port City, which is currently under construction.

In addition to the UDA investment projects, 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 were earmarked for development purposes under Selendiva Investments.

The properties would be developed under three investment portfolios, namely “Heritage Square in Colombo Fort”, “Real Estate Development”, and “State-Owned Hospitality Sector”.