Sri Lanka is expecting up to 500 million US dollars of investments on a key beachfront re-development in Colombo with the first pr
oject to take off as early as next week, finance ministry secretary P B Jayasundera said.Development of the Galle Face area, Colombo's most prominent beachfront, is part of a large plan to redevelop Colombo, he said.
The government is declaring the Presidential Secretariat, the Treasury and the Galle Face Hotel as heritage buildings and a military camp in the area would be shifted Jayasundera told a seminar organized by the Institute of Chartered Accountants of Sri Lanka.
"Next week in fact that investment will ta
ke place," he told the forum.Jayasundera said investments of around 400 to 500 million US dollars were expected on a hotel and shopping complex.
He declined to name the first investment proposal but said other investors could also submit proposals.
A government committee is entertaining proposals to develop Colombo and hotel, shopping mall and apartment development by Hong Kong-based Shangri-La group has been approved, according to recent reports.
Sri Lanka's Urban Development Authority also wants to develop land around D R Wijewardene Mawatha, a key road in Colombo, a little inland of the beachfront bordering a freshwater lake.
Another project involving state-run Co-operative Wholesale Establishment which has land by the freshwater lake in the area and an international firm has also been received by the government, according to officials.
Jayasundera said up to 400 hectares near Galle Face will be reclaimed from the sea by the Sri Lanka Ports Authority and roads will be expanded in Colombo to take up the new projects.
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Now things are moving at last. Good for Sri Lanka, in general.
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