The Colombo Commercial Company property facing the Beira Lake is owned by the UDA.
A part of the property has been given on a 50-year lease to the Commercial Company while the rest of it is on a shorter lease, which ends next year.rn
rnThe lease agreements have forced potential investors to talk to the Colombo Commercial Company instead of dealing directly with the UDA.rn
rnUDA officials said they are willing to extend the lease on the land on condition that Colombo Commercial and its joint venture partners present firmed up plans to develop the property.rn
rnThe long lease on part of the property in the hands of the Colombo Commercial Company and its owners Serendib Engineering has forced investors to negotiate with them to form a joint venture.rn
rnKeppel Holdings is one of Singapores largest companies while Center-point is a top property developer who has also has a tie up with local conglomerate John Keells Holdings.rn
rnOther companies including property developers from Thailand are also