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FINANCIAL CHRONICLE™ » INVESTMENT OPPORTUNITIES
Description :
High-rise Mixed Development Project: Welikada Prison land at Boralla
Proposed Project Description :
The Welikada Prison Complex is a property which consists of 40 acers in extent and is situated within the highly urbanized area in Colombo. The existing routines of this land are to be relocated in a 200 acres land at Horana, Millawa area. The Urban Development Authority expects to utilise the Welikada Prison land fronting the Baseline Road for Mixed Development with intend to generate more economic activities in the country. Proposed developments shall include Luxury Apartments Complexes, Shopping Malls, Luxury Office spaces, High-End Commercial spaces, Hotels & Franchise Dining facilities and Indoor and Outdoor Entertainment facilities.
Expected investment :
Mixed Development
Expected method of partnership :
Lease Basis (99 Years Lease)
Employment generation :
1000 – 2000 employment opportunities
Market potential :
Extensive development opportunities in the area when consider the extent of the land, location, infrastructure availability, demand for the land in the locality and existing competitiveness. Potential of high foreign exchange generation.
Payback period :
Based on the Investment Proposal
Period to commence commercial operation :
2024/2025
Current status of the project :
Pre-Feasibility and Conceptual Designs – Completed.
Land acquisition /Vesting – In Progress.
Preparation of documents for approval- In Progress.
Preparation of RFP Document-In Progress.
Common infrastructure and utility availability :
The main access is from Baseline Road and it has close proximity to the port, educational facilities, cultural landmarks, financial centres, and major transportation facilities. Availability of water, electricity, sewer and wastewater lines, etc.
Geographical Location :
Welikada
Land Extend :
40A 01R 08P 16.3088Ha 163,088m2
Estimated Land value :
LKR. 26.7 Bn (US$ 135 Mn) IVC
Land Agreement/ownership :
In Progress
Benefits to the Investor :
Government Tax Concessions.
Speedy approval process with assistance of the UDA.
Readily available basic infrastructure to the site.
Government assured land tenure security.
Property located in the prime location of Colombo City.
Contact details :
(Name, Designation, Institute, Telephone, Email, Website)
Mr. M.M. Anura Prasanna
Director (Real Estate Development), Urban Development Authority
+94112875921
realestatedivisionuda@gmail.com
Vendor details
Urban Development Auth.
Professional
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