Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's Port City completes 50 percent of land reclamation: Minister
Wed, Oct 25, 2017, 08:33 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 25, Colombo: Sri Lanka's China-funded US$ 1.4 billion real estate development, Port City project has now completed 50 percent of the land reclamation preparing a land area of 134.5 hectares out of the proposed 269 hectares.

Minister of Megapolis and Western Province Development Champika Ranawaka said that all land reclamation and preparation in the first stage will be completed by 2019.

Once the land reclamation has been completed, the President will officially include the Port City premises in the Sri Lankan territory and the map and legally and construction in the land will be permitted, the Minister told the journalists who were given the opportunity to cover the project for the first time.

Minister Ranawaka said the President Maithripala Sirisena has granted permission for the Ministry of Megapolis and Western Province Development to construct the Port City premises. He said the Prime Minister's office is working on the legal framework that will govern the area.

The Minister said it costs about Rs. 285,000 for a perch in the Port City and once completed a perch can be sold at Rs. 20 million. He said the auction of the land will begin in the first quarter of 2018.

Minister Ranawaka said the previous government planned to develop the Port City for the purpose of entertainment such as casinos but this government intends to create a financial city.

"The government expects to transform Sri Lanka into a pioneer in the global financial services industry, and has decided to invite international financial institutions instead," the Minister said.

Initially, when the agreement was signed for the US$ 1.4 billion project with China in 2014, it was agreed to permanently hand over 20 hectares of land to the Chinese government. The rest of the land had been assigned to China on a 99-year lease.

After the new government came to power, under the tripartite agreement signed in 2016 new agreement was reached to hand over all the land on a 99 year lease and no land will be handed over permanently and Sri Lanka will have 62 hectares of reclaimed land from the beginning of the project. After the 99-year lease completed all reclaimed land will belong to Sri Lanka.

Once completed the City will function as a separately governed entity with its own economic and commercial laws to facilitate operations of global multinational corporations, Minister Ranwaka said.

The first investment of US$ one billion for projects on the reclaimed land is expected to begin by mid next year.

 

ColomboPage - Recent 10 Stories ::
Sri Lankan university student in Australia seeks damages after terror charges dropped against him
-- [53 minutes ago]
Despite request no hike in domestic LPG gas prices for now, Minister assures
-- [9 hours ago]
Sri Lanka Finance Minister criticizes opposition, media for disseminating false information
-- [9 hours ago]
Sri Lankan government to limit expenditures at all ministries
-- [9 hours ago]
Hector Kobbekaduwa Agrarian Research Institute assigned to find a solution for crop damage by wild animals
Report of President accusing India of assassination plot is a deliberate attempt - Minister Samarasinghe
Sri Lankan PM arrives in India for a three-day official visit
French financial assistance to Sri Lanka to implement second Tranche of Green Power Development Program
Sri Lanka Finance Minister reveals oil price formula
Sri Lanka Speaker instructs to minimize food wastage in parliament

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.