Railway Estate

January 25, 2007 (LBO) – Sri Lanka plans to raise over 1.2 billion dollars in foreign investments to develop real estate along a railway on the island’s western coastal belt, an official said Thursday. The railways operate at a huge loss with a revenue of three billion rupees each year against a state subsidy of seven billion rupees annually, he said. The Strategic Enterprise Management Agency (SEMA) said they have earmarked 12 railway stations running between Slave Island and Panadura, for commercial development.

“We are looking at attracting between 100 million to 200 million dollars from investors to develop each railway station,” SEMA Chief Operating Officer Chris Dharmakirti told reporters.

Land rich stations:

Colpetty (250 perches)
Bambalapitiya (400 perches)
Wellawatte (800 perches)
Dehiwela (600 perches)
Mount Lavinia (300 perches)
Lunawa (200 perches)
Moratuwa (200 perches)
Panadura (890 perches)
Melford Place (200 perches)