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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Colombo port city: A cruel joke, says Harsha

Colombo port city: A cruel joke, says Harsha

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1Colombo port city: A cruel joke, says Harsha Empty Colombo port city: A cruel joke, says Harsha on Wed Jul 11, 2012 1:13 am

CSE.SAS

CSE.SAS
Global Moderator
UNP lawmaker and economist Dr. Harsha De Silva slammed the government for literally throwing away the country’s resources to the sea.

"Is it a cruel joke on the already suffering people that US$ 900 million, before the usual cost escalation of at least 50 percent, is to be wasted to reclaim 234 acres of sea to build, among others, a golf course? That is exactly Rs. 500 million per acre or Rs. 3.125 million per perch just to fill the sea," he said in a statement issued yesterday.

Dr. De Silva has always pointed out that the people of this county were made to suffer as a result of the poor management of the country’s economy by a government which consistently got its priorities mixed up.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56493

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I'm lacking of knowledge to understand how these artificially built Islands stand against mother nature.
But to my eyes its a good concept. These projects normally do not generate money straightaway but it can be achieved 5-15 years time. We need these radical ideas.
Ok by now we all know that these projects will not hit targets within the budget. They tend to over shoot. Hope it will relatively less in this time.

Ok Dr Harsha is saying that Government is spending 3.125 million per perch. Locationwise I cannt think anyplace better than this location.

Does he know for how much JKH value their cold store land (CCS) in slave island? Question

I think he should have not just considered this as a joke.

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@UKboy wrote:

Does he know for how much JKH value their cold store land (CCS) in slave island? Question


How much is the CCS perch? Does JKH increase it frequently to show profits? Wink

It think the thing is if the government is spending 3 million for 1 perch they should be able to sell/lease this for 6 million or something including the risk. Some developed countries build airports in the sea. But the thing is are there much profitable things to do? If it is just 3 million buried and somebody i don't know like a person with a politician's son gets it for lease for like 1 lak a perch then what is it called?
Whether it's selling a land around gal face or a half completed hotel to a foreign company or son of a politician or the country or EPF buying shares or selling to somebody the people's assets or changing laws like cutting tree, mining, or tv channel rights to profit somebody and putting back the law when the work is done,they should not make people's assets bought at 100 and sold at 50.
Don't forget Sri Lanka taking loans like crazy now and taking more loans to pay old loans. Loans make you a slave.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
I think they are Not going to spend such amount of public money for this project.

What they intended to do is allocate some extent of the filling area to the party who invest in this project.
The Govt. will get rest of the area and they can sell it .

ඩොලර් මිලියන 900 ක වියදමින් මෙම ඉඩම් ගොඩකර මාර්ග, ජලපවහන පද්ධති හා විදුලි සංදේශ සේවා ස්ථාපිත කිරීමට සමාගමක් තෝරාගෙන තිබෙන බවත් ඒ වෙනුවෙන් එම සමාගමට ගොඩ කරන ඉඩම් වලින් කොටසක් ලබාදීමට සූදානම් බවත් හෙතෙම වැඩිදුරටත් කීය.
http://forum.srilankaequity.com/t20030-topic#126330 By Malika 1991

Small thoughts about artificial islands:
When you fill by pumping sea sand there will be "quick sand" effect in many places (cavities or air pockets below the crust) undetected at initial stages. This is very dangerous because when you construct heavy structures, collapsing is possible.

To avoid this, they have to vibrate the area thoroughly during the filling. I think they know this and they will select qualified contractors and consultants for the job.

Movements of the sea waves and currents also come into the scene. Sometimes there will be heavy erosion elsewhere due to re-routing of sea currents and they will have to look into this matter very carefully.

Somehow if i have money sure i will book 1 acre for 50 crores. කෝටි පනහක් දීල මේකේ අක්කරයක් ගත්තට පාඩු නැහැ.

--- ----

Can anybody tell us the effect on the other properties around the vicinity. CSD, ETWO ..
Good or Bad ?


------

මේ හා යන කතාවක් මතක් උනා :

කෝටි ගානක් වියදම් කරලා ඩුබායි නගරයේ HYATT හෝටලය හැදුවේ මුහුදු වෙරල ලස්සනට පෙනෙන්න. පසු කලෙක මෙන්න එම වෙරල තිරයම ඉදිරි යට කිලෝ මීටර් 2 ක් පමණ මුහුද ගොඩකර Artificial lands හදන්න දුන්න. Hyatt ගේ වෙරල ඇතට ගියා.
ඒ මදිවට මැතක ඇතිවූ ආර්ථික අවපිඩනය එක්ක Hyatt ඉදිරියේ ඇති බිම ප්‍රදේශයේ වැඩ බාගෙට නැවතිලා. දැන් අනේ අර හෝටලේ ඉඳන් මුහුද දෙස බැලුවම පෙන්නේ කාන්තාරයක්.
http://maps.google.lk/maps?hl=en&client=browser-rockmelt&channel=omnibox&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&ix=ica&biw=1440&bih=752&um=1&ie=UTF-8&q=hyatt+hotel+dubai+map&fb=1&gl=lk&hq=hyatt+hotel&hnear=0x3e5f43496ad9c645:0xbde66e5084295162,Dubai+-+United+Arab+Emirates&sa=X&ei=BiD9T-TSGNGzrAeg99DgBg&ved=0CLsBEMgT

The hotel is near Palm deira Metro , 103 road. Front, South, central are artificial Islands.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@aj wrote:
@UKboy wrote:

Does he know for how much JKH value their cold store land (CCS) in slave island? Question


How much is the CCS perch? Does JKH increase it frequently to show profits? Wink

It think the thing is if the government is spending 3 million for 1 perch they should be able to sell/lease this for 6 million or something including the risk. Some developed countries build airports in the sea. But the thing is are there much profitable things to do? If it is just 3 million buried and somebody i don't know like a person with a politician's son gets it for lease for like 1 lak a perch then what is it called?
Whether it's selling a land around gal face or a half completed hotel to a foreign company or son of a politician or the country or EPF buying shares or selling to somebody the people's assets or changing laws like cutting tree, mining, or tv channel rights to profit somebody and putting back the law when the work is done,they should not make people's assets bought at 100 and sold at 50.
Don't forget Sri Lanka taking loans like crazy now and taking more loans to pay old loans. Loans make you a slave.

I can understand your point. yeah its a valid one but you know we never completed a (major) project without spending over. I think its not possible in a 3rd world country at all.

By the way CCS land in slave island valued at 5 million per perch.

http://www.ft.lk/2012/06/25/jkh-buys-more-land-for-mega-project/

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Well if CCS land valued at 5 million per perch, then this project is more cost effective. But building a golf cause in this land is utter foolish. According to press release, government not going to take loans for this, the developer gets a portion of land for his investment, this will create more value for surrounding properties as well due to services to be created in this place will be able to attract much more crowd there.

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
sorry guys can some one tell me where exactly this development is going to happen I did not follow this news item so have forgotten where this is.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
By Wildbear : But building a golf cause in this land is utter foolish.

Apart from cost/benefit factor, maintaining the lawn will be an enormous, difficult and costly task due to salty, hot, continuous sea breeze coming from the Indian Ocean.

If they talk to MCC (Municipal Council Colombo) they will tell more about this and probably take them to the Galle-face green (brown !) to show their failure in maintaining it properly after spending millions each month.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Chinwi wrote:
By Wildbear : But building a golf cause in this land is utter foolish.

Apart from cost/benefit factor, maintaining the lawn will be an enormous, difficult and costly task due to salty, hot, continuous sea breeze coming from the Indian Ocean.

If they talk to MCC (Municipal Council Colombo) they will tell more about this and probably take them to the Galle-face green (brown !) to show their failure in maintaining it properly after spending millions each month.

Yes there are some ideas not so practical in such place. Definitely golf course is one of those. Also F1 track is not a practical. An F1 event ( if we get the approval) happens only once a year for just few days so I dont think it will bring any financial benefits to the country.

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