Putting its restricting plans into action the Urban Development Authority (UDA) will let out two of its prime properties in Colombo on long lease to private developers. rn
rnInvitations were called over the weekend to put up buildings that combine residential and commercial facilities in Chattam Street in Colombo 1 and on Galle Road, Colombo 3.rn
rnUDA officials say the two land blocks valued at Rs. 430 million, are the first of a number UDA properties valued at over Rs. 10 billion that will be available for private sector development. rn
rnThe land would be leased for periods of 50 to 99 years for mixed development of commercial and residential facilities, adhering to guidelines laid out by the department.rn
rnThe call for proposals will close on December 5, with officials planning to finalise the lease agreement within a month from the closing date. rn
rnMeanwhile, a property in the vicinity of the National Museum is next in line for private sector development, senior officials of the UDA say.rn
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