Lanka Business Online

Sri Lanka lake front to be park, entertainment complex: report

Sept 04, 2010 (LBO) – Land around a lake in Sri Lanka’s capital Colombo has been earmarked for hotels, a park, a shopping and an entertainment area and will be offered to private investors by the island’s city development authority, a media report said.

State land would be offered investors as 55 or 99 year leases at ‘market value’ with 25 percent of the value of assessed land to be paid up front and the balance in three years. Work has start within six months and be complete within three years.

Board of Investment tax concessions will also come with the project, the report said.

Along the shore of the Beira Lake, a 6 to 12 meter wide ‘linear park’ with a children’s play area, water based recreational opportunities, open air entertainment, cultural activities and food outlets would be set up, the report said.

The state has already cleared 1,000 “unauthorized settlements around the area and 320 settlements on a reservation along a railway track” and near a temple on another part of the Lake Shore.

Land belonging to Colombo Commercial Company will also be offered for development, the report quoted Dayananda as saying.

The lake would also be dredged and water would be cleaned, the report said. The lake has blue green algae ou

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