Aug 02, 2012 (LBO) – Sri Lanka is set to begin work on the second stage of a housing project to relocate Colombo’s shanty dwellers in a bid to improve living standards and transform the congested Slave Island area to a modern residential and commercial zone, officials said. Housing units starting from a minimum five hundred to two thousand three hundred and sixty square feet will be built under the project.
The value of a housing unit of around 1800 square feet will be around six million rupees and ownership of properties will be under the condominium law, Imperial Builders said.
The company said negotiations are underway with the UDA to lease the remaining 1.5 acres for commercial development which will also include a shopping and leisure area for tourists.
“For the private land we are planning to build a shopping mall, indoor games and budget apartments for people who find it difficult to buy an apartment in Colombo,” Lakhani said.
Land in the Slave Island area is valued at around four to five million a perch.
The UDA said land for commercial development will be offered to the investor at market price on a fifty year lease term.
“Still negotiations are going on and we haven’t valued the land for private development yet,” Prasad Ranaweera,