gossip lanka

Cabinet approves billion-dollar project for Port City

A trilateral agreement was signed in August 2016 between the Sri Lankan Government, Urban Development Authority and the locally incorporated CHEC Port City Colombo (Pvt) Ltd. As per the agreement, steps have been taken to fill 440 hectares of land and CHEC Port City Colombo would be allocated an extent of 116 hectares of land from the said extent of land on lease.

Accordingly, the said Company has submitted a proposal to the Sri Lanka Board of Investment to implement a mixed development project comprised of 05 pillars/buildings in an area of 6.8 hectares out of the extent of land proposed to be given on lease.

The project of $ 1 billion is proposed to be implemented in two phases. In the first phase $ 400 million will be the investment and in the second $ 600 million.