Justice Minister Ali Sabry yesterday declared that the Port City Colombo was the most anticipated multi-faceted development project and it would serve as a first step in creating a compelling value proposition for Sri Lanka.
He made this observation after his first tour of Port City and inspecting the latest developments yesterday. Port City Colombo is the largest and most ambitious development project ever undertaken in Sri Lanka with an initial investment of $ 1.4 billion. It expects to draw over $ 15 billion overall investment when completed. Port City Colombo’s entire reclaimed land of 269 hectares is owned by the Government.
China Harbour Engineering Company (CHEC) Ltd. Managing Director Yung Lu, Strategy and Business Development Head Thulci Aluwihare, Country Manager – Sales and Investor Relations Randhika Ellepola and Estate Management Assistant Manager Chathura Cabraal were associated during the Justice Minister’s tour.
The Port City Colombo Development Project Management officials emphasised the need to expedite the implementation of all necessary laws and regulations, whilst outlining the progress made in the project so far and the future development plan.
Minister Sabry commended Project Management for the construction progress made on bridges, waterways, and central parks, despite the challenges posed by the COVID pandemic.
“Sri Lanka is on the right track to achieve its true potential as a world-class destination that provides both investment opportunities and leisure activities. The project will help build a prosperous country,” he added.
Since the initial land reclamation work commenced in 2014, over the past seven years, Port City has undertaken an unprecedented transformation of the very topography of Colombo.
A total of 91 hectares (Ha) of land is dedicated for common amenities such as parks, green-shaded roads etc., while 178 Ha are slated for state-of-the-art developments constituting an ‘A Grade’ office, retail destinations, unique residential developments, medical facilities, educational facilities, an integrated resort, a luxury marina, hotels, and other lifestyle developments.
(FT)