July 26, Colombo: A new addition to the capital city of Sri Lanka to be built by reclaiming the sea will have a Formula One racing track among other attractions.

Deputy Minister of Ports and Highways Rohitha Abeygunawardena has said that a 575-acre area of the sea opposite the Galle Face Green is being filled up to build the new Colombo city.

Construction of the new Colombo City will be completed by a private investor in 39 months at an investment of US$ 900 million.

The proposed offshore city, to be divided into three segments- business, residential and leisure, will be developed into a modern city with high rises, hotels, residential apartments, shopping malls, and other space to cater to the public needs.

The capital city last December held the first ever night motor racing that drew a large number of foreign and local drivers to the event.

Building this New Colombo City on Sea will be carried out in coordination with the Urban Development Authority, Colombo Municipal Council, All Service Ministries, and the Archaeological Department, the government has said.