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Dilshan Wirasekara, Chief Executive Officer of First Capital Treasuries PLC

Two projects, initiated by the Urban Development Authority (UDA) will add 15,500 new low and middle income homes in the western province. rn

rnThe homes will be built on UDA land with monies from Korea and China.rn

rnNegotiations are underway with a Korean firm to construct and invest and estimated Rs. 200 million in 500 homes in the Kotte area. rn

rnUDA officials say they are close to closing a deal with the firm and expect to commence work on detailed plans by end February. rn

rnMeanwhile, a memorandum of understanding signed in January with a Chinese construction company will see 15,000 homes, mostly for middle income families, constructed in Gampaha, Horana and Kottawa. rn

rnUDA officials say detailed plans and cost are being drawn to prior to lobbing the Chinese government to fund the project. rn

rnOn completion the homes will be offered for sale. rn

rnThe UDA hops to rollout a number of similar projects based on the success of the Chinese partnership. rn