20 land plots to come into market to drive up demand
With the Colombo Port City Commission Bill reaching the final stages of the legislation process, the project company of Colombo Port City (CPC) eyes to release 20 land plots located adjacent to Colombo Business District (CBD) as pilot development projects, to drive investor demand attracting over US $ 5 billion within next five years.
“The law was the missing piece. The land and infrastructure have been ready. Despite the delays, the proposed law is quite progressive. We have identified 20 land plots mostly located adjacent to Colombo Business District as pilot p r o j e c t s . We w a n t t o k i c k - s t a r t t h e m and drive the demand,” CHEC Port City Private Limited Assistant Managing Director Thulci Aluwihare announced.
In a five-year strategic plot roll out, CHEC Port City plans to release a land bank of 60 hectares, which would require a minimum US $ 5 billion investment requirement for development activities, covering different real estate segments.
According to Aluwihare, the 20 land plots would be allocated to Colombo International Financial City phase one and two, yacht marina, marina hotel, retail and entertainment, convention hotel, luxury villas, marina residencies, waterfront mixed-use development, iconic hotel and integrated resort and social infrastructure development projects in CPC.
He noted that CPC currently has 100 hectares of land ready for development activities. The project company has invested US $ 1.2 billion in CPC up to now.
Aluwihare noted that some of the key infrastructure development activities such as bridges, roadways, boulevards, landscaping and electricity, would be completed within this year.