The 11-acre Colombo Commercial property deal which triggered a controversy recently with a leading blue chip firm being the firm favourite has taken a new turn with a new conglomerate which made a splashing debut in the Colombo stockmarket, now in the running. Government sources, aware of the bidding process but declining to be named, said the blue chip firm had earlier promised an upfront (full) payment of Rs 8 billion but the payment is yet to be made. In the meantime, the (young) conglomerate – making inroads into tourism and services – has entered the picture with the backing of an influential government official.
The earlier, favoured bid, also had the backing of another, powerful official. The demolishing of the buildings at the site opposite the Beira Lake has been completed and the land is fully cleared by a private contractor hired by the Urban Development Authority (UDA). UDA officials however declined to comment on the latest turn of events. The CCC property has been earmarked to build city hotels, trade complexes and malls and its implemention has been entrusted to the Defence Ministry under the direction of its Secretary Gotabaya Rajapaksa.
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