June 24, 2011 (LBO) – The Sri Lanka Ports Authority (SLPA) has secured a 700 million US dollar investment to build a ‘port city’ on land reclaimed on the capital’s seafront with the construction of a new harbour. SLPA chairman Priyath Wickrama said material dredged to build the new port next to the existing Colombo harbour will be used for the reclamation of about 200 hectares.
“We have got an investor who will invest 700 million US dollars for the landfill,” he told a public forum, without naming the investor.
The land will be given on a 99-year lease and be used to build a ‘port city’ with port-related businesses along with other activities.
“The project will take 39 months to complete,” Wickrama said. “It will have a mini-golf course, a Formula One race track, a small yacht marina and areas for water sports.”
The land reclamation will be on the southern side of the new Colombo South Harbour, a deep-water port being built next to the existing port.
It is meant to cater to the latest generation, bigger container vessels which are too big to call at the existing Colombo port.
The dredging and breakwater of the new port was funded with a loan from the Asian Development Bank.