The agreement on the proposed port city on reclaimed land near the Galle Face Green in Colombo will be signed next month, says the Sri Lanka Ports Authority (SLPA) chairman.

SLPA Chairman Dr. Priyath Bandhu Wickrema told AdaderanaBiz that preparations are under way to sign an agreement with China Communications Construction Company Limited (CCCC) which has been selected for this project.

These days we are committed towards sign this agreement on this port city project,” said Dr. Bandhu Wickrema while commenting on this.

According to the agreement to be signed, the reclamation of these 568 acres is to be completed within 39 months and reportedly 123 acres is to be offered to this Chinese company on a 99 year lease basis to construct a city complex.

A massive investment of some US dollars 1.4 billion is to be made to construct this city complex.

The construction of a 22 storied building for the SLPA head office, hotels, a super luxury housing complex and creation of entertainment facilities are among the plans in this project.