Feb 11, 2011 (LBO) – Sri Lanka Ports Authority plans to reclaim and sell to private investors 340 acres of land off the capital Colombo where a new port is being built next to the existing one, an official said. “It will be for residential purposes, and offices and shopping along with eco-parks,” Keppetipola said. The cost of reclaiming the sea off Colombo’s Galle Face Green promenade, which will come under SLPA jurisdiction, has been estimated at around 350 million US dollars, its managing director Nihal Keppetipola said.
“We’re going to fill up and sell the land,” he told reporters during a site visit at the new Colombo south harbour project which will expand the port’s container handling capacity.
“To find the money, we will identify interested investors and take an advance.”
He said an entirely new city will be built on the area reclaimed from the sea which will be properly planned and extend the limits of the present city which is congested.