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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Colombo prime lands up for grabs

Colombo prime lands up for grabs

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1Colombo prime lands up for grabs Empty Colombo prime lands up for grabs Sat Jun 15, 2013 2:28 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Sulochana Ramiah Mohan

The Urban Development Authority (UDA) is negotiating with multi-million dollar companies representing countries such as India, Pakistan and Korea, on long-term lease agreements, to be implemented in prime lands in Colombo.

UDA Chairman, Nimal Perera, told Ceylon Today, many projects are set to take off in the Colombo District, following the success of the 84-storeyed Krrish complex project on 4.3 acres in the heart of the city.

Koreans are said to be keen on the next biggest project on a nine-acre land known as the Chalmers Granaries, bordering Main Street and Olcott Mawatha in Colombo 11.

"The Koreans are negotiating with us on this investment at the moment," Perera said, adding, "Initially, we look at their financial performance in the past three years, as well as their credibility as investors."He went on to say land value is based on the evaluation carried out by the Chief Land Valuer, and every six months revaluation has to be done.

According to the Chairman Land Valuation within the Colombo city limits are valued at approximately Rs 10 million to 12 million per perch. However, the land valuer would decide on the price from time to time.

Perera also said the site of the former Cashew Corporation on Galle Road, Colombo 3, has been revisited by Shaw Wallace, the company that conducted its business at that site for many decades, and negotiations are underway.

He also said, a Pakistan investor had visited the Maradana Central Cinema land, one of the prime properties earmarked for investment projects, and discussions are taking place. “These are mix development project and we are looking at having all the prime vacant lands to be given on lease by the end of the year,” the UDA Chairman revealed.

He also said the UDA has invested Rs 356 million on a shopping complex project in the heart of Nuwara Eliya. The UDA has 42 properties under its purview and is seeking investors to set up their business on prime properties in Colombo and the suburbs. The authority now functions under the Ministry of Defence, and is also engaged in an Urban Regeneration Project for the City of Colombo
http://www.ceylontoday.lk/16-35053-news-detail-colombo-prime-lands-up-for-grabs.html

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