Land ownership to be managed by a specialized real estate company

Recently released Cabinet announcements highlighted that the Cabinet of Ministers of the Government of Sri Lanka has approved the proposal presented by Minister of Megapolis and Western Development Patali Champika Ranawaka to establish a real estate company with a mandate to manage and maintain the Colombo Port City and to gazette the Colombo Port City project as a Government of Democratic Socialist Republic of Sri Lanka owned land in the Colombo District and Western Province.

The Colombo city port has been created and developed by filling the sea using sea sand to speed up the growth of the national economy to attract more valuable foreign exchange investments to Sri Lanka with US $ 1.5 billion investment from the People’s Republic of China. Accordingly, a land of 269 hectares belonging to the Sri Lanka is a land of two kilometers long and consists of 91 hectares with its public roads and a public beach, a water park for swimming and water sports, and 70 meters long canal across the city. It will also include restaurants, leisure facilities, international education, international health services and a conference hall with restaurant and entertainment facilities

- Reporting by Devendra Francis