Development News Update: China Harbour Engineering Company Ltd will invest $400 million in the construction of office, retail and apartment (3) buildings, each rising up to a minimum of 65 floors at the Colombo Port City Head of Strategy & Business Development CHEC Port City Colombo Pvt Ltd, Aluvihare said.
This will be built on the CHEC’s reclaimed land at the South Entrance. He said construction would begin next year and be completed by 2023. With 5.7 million square feet of built space, it is expected to be the most livable city in South Asia.
He said the Port City is now open for investment and adding 269 hectares to Sri Lanka’s map, Prime Minister Mahinda Rajapaksa, who was the mentor behind the largest investment venture in Sri Lanka, officially declared the Colombo Port City to be part of Sri Lanka on Friday. “The Colombo Port City Project is now open to investors with the official declaration.” The project will reclaim 233 hectares of maritime land between Colombo Port and Galle Face with a total investment of US$ 1.5 billion. It would be one-seventh the size of Singapore when it is over. The marina and recreational area would be developed under the first phase.
“We found 50 native trees in Sri Lanka and planted 30 in Port City.” The second phase of the Port City project has now begun. Electricity, water systems, and common amenities will be built under the second phase of the highways. Arrangements are in motion to sell the land under the authority of the Urban Development Authority (UDA) for tomorrow’s investment projects. A commemorative stamp and cover for the first day were issued today and several ministers also attended the Chinese Ambassador to Sri Lanka, Cheng Xueyuan.