Sri Lanka is inviting investments for a high-rise complex proposed for prime land in the congested city that will be cleared of slums as part of an urban renewal project, officials said.
The 'Panchikawatte Triangle' re-development project will provide 26 acres of land in the heart of the cit
y for a range of businesses, said Surath Wickramasinghe, an architect working for the project under the Urban Development Authority."You can’t get that kind of land in Colombo," Wickramasinghe told a seminar organised by the Sri Lanka Shippers' Council to brief investors on investment opportunities in the city's re-development.
The government has planned several urban development projects to ease congestion and improve living standards after the island's 30-year ethnic war that had retarded economic growth ended last year.
"The Panchikawatte Triangle project is only two kilometers away from the city centre - that's how strategically located the site is," Wickramasinghe said.
"The site's potential enormous as it has three major roads around it,"
A master plan for the redevelopment has already been prepared.
The project is a "mixed development" complex of high-rises with offices, shops, apartments, hotels, and entertainment and recreation facilities meant to service part of Colombo's requirement for day and night entertainment.
A cultural centre will also be developed around two existing theatres, the Tower Hall and the Elphinstone, on the site that are city landmarks, Wickmarasinghe said.
The project is expected to get off the ground after the April 8 parliamentary polls.
The first phase involves relocating 800 families residing on part of the land.
"There will be several high-rise towers with 3,000 apartments and also a car park for 3,000 cars. We also intend to keep lots of green areas open to the sky. It will be the starting point of Colombo's urban regeneration process."
Wickramasinghe also said there was potential for a duty free complex on the site to exploit the market made up of Indians who go to Singapore for shopping.
"If there's rapid transit from the airport (north of Colombo), the site would be ideal for a duty free complex which is much in need," said Wickramasinghe said.
"We've had a lot of interest in the project so there is a possibility of it happening."
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