The Cabinet of Ministers on Monday approved a proposal to invite fresh investment proposals for a prime land parcel in Fort Colombo, aiming to facilitate a mixed-use development project.
The land, owned by the Urban Development Authority (UDA), spans 2 roods and 14.7 perches on Chatham Street and is to be offered on a 99-year lease basis in line with procurement guidelines, following a valuation by the Chief Valuer of the Government.
‘Attempts to attract investors in 2024 for this project did not yield any interest. In response, the UDA plans to re-launch the initiative, inviting proposals from private sector investors to ensure optimal utilisation of the land,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.
The initiative is expected to contribute to the country’s economic development while transforming the strategic Fort Colombo area through a mixed development project