New UDA subsidiary to market its properties for more revenue

The Urban Development Authority ( UDA) is to form a subsidiary to manage venues under its purview, to boost its income, said a senior official.

UDA Chairman Jagath Munasinghe told the Sunday Times that, under the existing Act, they are empowered to form a subsidiary to operate under the approval of the UDA Board.

"The main purpose is to increase revenue through income generation projects," he said.

"Attracting more tourists, providing venues for international events and having promotions to attract the public, in a manner that increases income are some of the proposals," he said.

He said, currently, the UDA does not have the mechanism such as marketing teams to undertake the task but, if a company is formed, they will have the capacity to undertake such projects.

The Arcade at Colombo 7, the Dutch Hospital in Fort, Gafoor Building, Gold City ( Old Fish Markert) , part of Galle Fort area, the shopping complex in Nuwara Eliya, and other Rest Houses under the UDA, where the lease agreement is nearing expiry, are among the areas to be managed by the newly formed company.

Mr Munasinghe said the UDA has also identified certain areas including Visumpaya to be developed.