July 10, 2012 (LBO) – Sri Lanka is expecting 15 billion US dollars of investments to pour into a ‘port city’ on reclaimed beachfront land bordering the island’s main port in Colombo, during the next 10 years, an official said. Reclamation of the 243 acre site is set to begin in October and is expected to be completed in 39 months, Sri Lanka Ports Authority chairman Priyath Bandu Wickrema said.
The land will be reclaimed, roads, drainage and telecom facilities laid in a 900 million US dollar project where the investor will get a piece of the reclaimed area.
Reclamation will be carried out by China Harbhour Engineering Corporation, who has been engaged by the investor. The investor itself is expected put in another 2.5 billion US dollars into developing land received.
The balance will be sold on 99-year leases to potential investors.
“We are going to call for an RFP (request for proposals), most probably around the end of 2013. ” Wickrema said in the sideline of a shipping conference organized by Seatrade, a events company specialising in maritime trade.
“I expect proposals for hotels, apartment and shopping malls first.”
RFPs will be issued once a part of the land has been reclaimed.