For­eign In­vest­ment in Sri Lanka

Southasia - - Briefing -

Homestead, a UK-based In­dian real es­tate en­ter­prise, has re­cently de­cided to in­vest in Sri Lanka through a de­vel­op­ment plan that in­cludes a town­ship project in Colombo. An in­vest­ment such as this will be the first move from a UK based com­pany in the is­land coun­try sit­u­ated in the In­dian Ocean. The UK fi­nan­cial com­pany, also the main spon­sors of the Sri Lankan T20 cricket team, are cur­rently search­ing for land. Manoj Shri­vas­tava, Chief Oper­at­ing Of­fi­cer, Homestead says that the com­pany has al­ready for­warded a pro­posal to the Ur­ban De­vel­op­ment Author­ity and have re­ceived a pos­i­tive re­sponse. Once com­pleted, the project will be Sri Lanka’s largest hous­ing project owned by a pri­vate com­pany.

With an­tic­i­pated con­struc­tion in 2013, the res­i­den­tial scheme will in­clude community halls, shop­ping cen­tres, a trans­porta­tion hub, and other fa­cil­i­ties. An in­vest­ment such as this comes at a time when Sri Lanka con­tin­ues to face in­ter­nal con­flicts and the shad­ows of the end­ing Tamil war still loom large over the gov­ern­ment. A high-pro­file con­struc­tion project re- quires heavy in­vest­ment and the as­sur­ance of a sound po­lit­i­cal en­vi­ron­ment. Ac­cord­ing to Shri­vas­tava, the project aims to tar­get the em­i­grants and for­eign­ers who will be the prime res­i­dents. Be­cause of its large fund­ing and expected de­vel­op­ment, it will also cater to the cor­po­rate sec­tor.

Sri Lanka des­per­ately needs a facelift and this con­struc­tion project could be its chance. If suc­cess­ful, Sri Lanka will re-join with Homestead to em­bark on a sec­ond project, en­vi­sion­ing lux­ury apart­ments and two 30-floor tow­ers.

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