Thirteen acres of prime land on which a spinning mill was earlier located will be developed in to a residential and recreational center under a joint venture between the Urban Development Authority (UDA) and the Bank of Ceylon.
The site formerly occupied by the Wellawatte Spinning Mills in Colombo 6 will be developed soon as part of a Colombo City Regeneration Master Plan that the countrys urban planners have drawn up.rn
rnThe UDA has set up a joint venture with the Bank of Ceylon who will finance the development of land currently under the UDA.rn
rnThere will be room for other private sector investments at the site as well.rn
rnUDA Chairman S. Amarasekara says the joint venture company will under take the development of the infrastructure of the area.rn