3 more valuable lands in Colombo to be leased out by the Government

The Urban Development Authority (UDA) had published public notices in newspapers yesterday (19) with regard to handing over 03 more valuable lands in Colombo city for investment projects on a 99-year lease basis.

Tenders have been called for mixed development projects in these 03 lands located at D.R. Wijewardena Mawatha in Colombo.

The premises mentioned in the public announcement currently houses the Sri Lanka Exhibition and Convention Center (No. 12), the Queen's Branch of People's Bank (No. 38) and the Sathosa Warehouse Complex (No. 40).

The lease of the SLECC premises is valued at Rs. 3.7 billion while the leases of the People's bank brand and Sathosa warehouse are at Rs. 1.3 billion and Rs. 1.6 billion respectively.

It is also singular that only a month's time has been given to present the proposals for the development projects to be set up on these lands.

At the present, a number of valuable properties in Colombo city, including the Ministry of External Affairs building, the Hilton and the Grand Orient Hotel, have been proposed for investment projects through Selandiva Investment Projects.