Oct 14, 2011 (LBO) – Work on a ‘linear park’ for recreation and night life bordering Beira Lake in Sri Lanka’s capital Colombo will begin early in 2012, a senior urban development official said. Its own building which was housed in the area would be made available for development as a 12-acre block after shifting its head quarters to Battaramulla.
“We have already got an investor for that land and we are negotiating with them,” Fernando said.
While countries like Singapore made extensive use of waterfronts in Sri Lanka people had not made use of the waterfront.
“Though those lands were available right throughout history, no one was interested in investing in such land because we did not have the right formula or environment,” Fernando said.
“We are bringing them as new real property with value, so that there is investor interest within those lands.”
The UDA is promoting another lakefront development in another section of the lake on Colombo’s James Pieris Mawatha. The two sections are connected through a channel.
The UDA has already sold a block of land on the stretch to Indocean Developers (Pvt) Ltd, a company promoted by a Kolkotta, India based property group. T