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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Port City opens for investors

Port City opens for investors

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1Port City opens for investors Empty Port City opens for investors Mon Dec 09, 2019 11:30 pm

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics

  • PM declare 269 hectares of land reclaimed for project as part of Col. District

  • Several programs to attract investors to get underway soon


Colombo’s landmark project, the Colombo Port City, is open to investors from today after it was declared open by Prime Minister Mahinda Rajapaksa on Saturday at a colourful ceremony. 

Accompanied by the Chinese Ambassador to Sri Lanka Cheng Xueyuan, the Prime Minister officially declare the 269 hectares of land reclaimed from the sea for the project as part of the Colombo District.

The Government will follow up this up in the coming months with several programs to be launched attract investors. 

Prime Minister Mahinda Rajapaksa delivering short remarks at the ceremony said the Government would support and accelerate the development of the Colombo Port City project.

It was also reported the Prime Minister had pledged to accelerate the implementation of regulations tailor-made for the Port City as early as January 2020 and promote it as an attractive investment option for investors at the earliest.

Port City Colombo, an extension of Sri Lanka’s vibrant commercial capital, will comprise five different districts, which will include a Financial District, Central Park Living, Island Living, The Marina and the International Island.

When completed, Port City Colombo will have over 5.6 million square meters of built space, with the best in design and standards. It aims to attract investments in healthcare, education, entertainment, hotels and restaurants, retail and office spaces with an integrated resort and a marina, offering a best in living experience by the Indian Ocean.

Construction of the $ 1.5 billion Colombo Port City project was launched on 17 September 2014 in the presence of former President Mahinda Rajapaksa and Chinese President Xi Jinping.

The agreement for the Port City was renegotiated and signed in August 2016. The former administration of Prime Minister Ranil Wickremesinghe had planned to establish an International Financial Centre on the share of land allocated to the Sri Lankan Government. It is however, now unclear as to whether this will continue. 

A $1 billion project to construct the building to house the International Financial Centre was also approved by Cabinet in late 2017.

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