UDA entices foreign investors to landmark buildings
The Urban Development Authority (UDA) is hoping to attract foreign investors to lease several landmark old buildings such as the Ghafoor building after renovation, officials said.
Nimal Perera, Chairman UDA told the Business Times that the Ghafoor building in Leyden Bastion Road, former Auditor General’s building at Torrington, former Dutch Hospital in Galle and another section Race Course Grandstand are being re-developed with some projects almost completed.
“The Ghafoor building (built in 1907) will be refurbished and converted to a city hotel,” he said, adding that it is intended that UDA will manage it. Mr. Perera said that the former Auditor General’s building will be changed into a commercial venture with Rs. 350 million and that it’s slated to be opened in February. The Race Course Grandstand will also be a shopping precinct similar to that the Dutch Hospital Precinct in Fort and will be opened in December, according to Mr. Perera.
He said that the former Dutch Hospital in Galle has been redone with Rs. 150 million and will be opened next week for the Commonwealth Heads of Government Meeting (CHOGM).
“There is interest by foreigners especially for opening (branded item) shops and spas,” he said, adding that while there have been no firm commitments, the UDA is hopeful.
Some fund managers who have also been approached by foreigners had also shown some buildings to these potential investors.
“Foreign investors have expressed willingness to invest in hotel projects in buildings that are to be redone,” a fund manager said. “Lots of ideas are floating around, but no one has committed as yet,” he said.
He said it’s likely that some CHOGM delegates will be shown these properties as well.
Mr. Perera said that project architects have been advised to come up with project proposals and they will be state of the art.
He said that the UDA has plans to refurbish many other old buildings in the Fort area as will. “The Gold Centre in the Fort area and the Van Angel Residence, etc, are also earmarked for renovation,” he said.
Box
CB opens currency museum tomorrow
The Central Bank (CB) has also started refurbishing old buildings such as the Llyods Building. Llyods Building now houses CB’s EPF Department.
“The CB has re-done former National Mutual Building in front of CB, now renamed as the Central Point Building and it’ll be opened tomorrow,” a CB official told the Business Times. He added that this 110 year-old building will house the currency museum and will be converted to the country’s Economic History Museum.