$ 950 million investment:
SL’s first reclaimed sea land project to commence
A Chinese investor has come forward to build Sri Lanka’s first
township development project on a reclaimed land in the sea. The project
would be built next to the
The work in progress of the 640 room six star Shangri La hotel
being built in Galle Face area. Picture by Sudath Nissantha
ongoing Colombo South Harbour Development
Project and a total of 575 acres would be filled. Dr. Priyath Wickrama,
Chairman Sri Lanka Ports Authority said that the unique feature of this
investment would be that Sri Lanka would not have to pay a ‘single cent’
for this. He said that currently there is a delay in obtaining sand
clearance permits and when this is overcome the project would get
underway next year. He said that the investor would be offered 57.5
acres that too on a long term lease in view of his investment. The total
project is valued to be over US $ 950 million.
“We are hoping to lease or sell the remaining acres to several local
and foreign developers, hotel chains and investors after calling for
international tenders,” he said.
He emphasized that in no way the view of Galle Face green would be
affected and said that a long road would be built to this reclaimed
property. Dr. Wickrama said that several international universities,
apartments and hotel chains have expressed interest in this project.
“Our aim is to make this an up maket venue,” he said.
A mini-golf course, a Formula One race track, a small yacht marina
and areas for water sports will be created. “Events like night races,
musical shows and other similar events could be held here which would
attract additional tourist arrivals to the country and generate more
revenue,” he said. Dr. Wickrama said that Sri Lanka being an island
nation, maritime activities play a vital role in her socio economic
status. Similar to many other maritime nations who develop their
maritime activities to enhance their national economy, Sri Lanka has
taken steps to harness the potential offered through its locational
advantage to develop into a key maritime and logistics centre in the
In the country’s economic performance, the service sector such as
trade, financial services, telecommunications, road transport and the
port services has been the dominant factor contributing a significant
percentage to the GDP.