“Accordingly, approximately 230 hectares that is nearly 575 acres of water front with the shelter of new breakwater will be reclaimed at an investment of approximately US$ 900 million by a foreign investor,” the statement said.
The plan has also been given approval by the Standing Cabinet Appointed Review Committee (SCARC).
According to previous media reports, reclamation will be carried out by China Harbhour Engineering Corporation, who has been engaged by the investor. The investor himself is expected put in another US $ 2.5 billion into developing the land.
Currently, China Merchants International is building a US $ 500 million container terminal in the Colombo Port.
At a recently concluded international sea trade conference, SLPA Chairman Dr.priyath B.wickrama – Chairman emphasized that the area will be developed as a port city with a proper planning to equip with roads, water, electricity, communication facilities to set up shopping areas, water sport area, mini golf course, hotels, apartments, recreation areas, marinas and with a lot more additions to make it a modern city.
Meanwhile, SLPA has invested over US$ 3 billion on all present port development projects that include Colombo Port Expansion Project, Magam Ruhunupura Port in Hambantota, Galle Port Development, Oluvil Port Project, Trincomalee and KKS Port Development Projects which will make ample investment opportunities to both local and foreign investors.
The private sector has also committed to invest approximately US$ 3 billion in Colombo Port City development project, South terminal, Hambantota free zone and Trincomalee industrial zone.