The only problem with this port city project is that the previous regime has given outright to the chinese, and plus 99 year lease for the rest.
They should have leased it like what China did with Hong Kong. They leased it out to the british and eventually took it over in 1997. We could do that, but we have some major fools running here and there without firm action diminishin investor confidence
Only about 16% of the land given to Chinese balance on 99 year lease. See below the Wikipedia facts.Colombo Port City
Colombo Port City is a planned offshore city in Colombo, Sri Lanka which is to be built on reclaimed land adjacent to the Galle Face Green. The city will use construction resources from the Colombo Harbour Expansion Project, currently under construction near the site of this proposed city.
The New Port City is a concept of President Mahinda Rajapaksa, who was apparently inspired while inspecting the landfill being constructed for the Colombo South port.
The Opposition has been against the project and the opposition leader Ranil Wickremsingheeven said that they will scrap the project if the opposition wins the 2015 presidential elections electionsGeography
The Port city is to be constructed between the southern edge of the new Colombo South Port and the Fort Lighthouse. The total area of sea to be reclaimed is 450 acres.Construction
The construction was set to begin in March 2011 but due to several circumstances the project was stopped. In mid 2012, the Sri Lankan Port Authority, better known as SLPA, announced that the construction of the Colombo Port City project would commence on 17 September 2014. The budget is estimated to be 15 billion US dollars.The reclamation will be carried out by China Harbor Engineering Corporation, who has been engaged by the investor. The investor itself is expected put in another 2.5 billion US dollars into developing the land. The balance will be sold on 99-year leases to potential investors.
The construction of the proposed port city is expected to be completed in 39 months, after commencement of works in September 2014.
According to sources, the project will approximately reclaim around 230 hectares which will be funded by a foreign investor. The plan has been given approval by the Standing Cabinet Appointed Review Committee (SCARC) and the port city will include roads, water, electricity, communication facilities to set up shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas and marinas.
Master Divers was given the contract to forward a soil report for this project which in turn was handed over to the Chinese company to go ahead with construction. Chairman of Master Divers, Ariyaseela Wickramanayake said that they had conducted underwater surveys and other tests to identify the site for the project and the construction of the artificial island had begun.
Construction of the Colombo Port City project was launched on 17 September 2014 by Sri-Lankan President Mahinda Rajapaska and the Chinese President Xi JinpingInfrastructure
Formula One track
The New Port City is to include a new Formula One track, constructed in the vicinity of the Colombo Harbour. According to Dr. Priyath Wickrama, the Chairman of the Sri Lanka Ports Authority, says an F1 track will “definitely” be a part of the New Port City. The circuit is to be located in the city whilst allowing for maximum leeway for commercial activities.