Business Times

Frustrated Kuchchaveli investors write to President

Kuchchaveli Tourism Zone (KTZ) investors have written to President Mahinda Rajapaksa explaining their inability to meet the Rs. 20 million an acre upfront cash for a 99-year lease commitment, according to Treasury sources.

Earlier they were promised land for less than Rs 50,000 per acre for a 30-year lease through a bidding process. It is learnt that the President has instructed the Treasury to cut the price by half. The eastern region is being developed as a tourist destination, with an area of about 500 acres identified for tourism development in Kuchchaveli in the Trincomalee disrict.

But industry analysts say that the government, seeing the potential has become 'greedy' and wants 'big' names. "We were the first to plan tourism projects there - that too during the height of the war. At the time no so-called big names wanted to come, and now they want to bring them and deliberately eliminate us by slapping exorbitant prices isn't fair," a disappointed investor told the Business Times.

The land earmarked for projects bordering the beach is situated north of the popular Nilaveli beach and the Kuchchaveli resort is planned as a ‘Green Integrated Resort’, focusing on sustainable development.

At that time the Urban Development Authority (UDA) had begun to identify suitable locations for different categories of tourism facilities, such as hotels, guesthouses, conference facilities, and locations for recreational activities etc. “In addition, they said that the maximum number of rooms per acre will be limited and the footprint of any area to be built up shall not exceed 25% of the land,” the investor said.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Soon compulsory insurance for state vehicles
Wildlife to conserve the space at Mattala airport
Small investor worries over ‘sell-down’ and private placements
Frustrated Kuchchaveli investors write to President
IT industry base salary Rs. 21,250 – survey shows
Dankotuwa to concentrate on Asian markets
Sri Lankan High Tea fit for a future King and Queen!
Comment - Rights of migrant workers
Wider adoption of inflation-targeting practices expected in SL – IMF says
Clothes manufacturers hunt for workers
Sri Lanka to use Mexico to reach North American markets
Lanka Orix Finance embarks on new journey with new logo
UN report slammed by top Sri Lankan entrepreneur
Summer tourism arrivals to rise by 25%
UN body urges global action against corruption
HSBC joins Etisalat Network to provide superior corporate solutions
Higher Education Ministry using Mobitel’s mLearning
Sri Lanka to get a Chinese International Medical University
Plantation workers increase strike rate in 2010
Expo to eye acquisitions in mid term
CB’s useful guide to ‘Doing Business in Sri Lanka’
Housemaids from Sri Lanka to decline
Smart phone penetration in Sri Lanka better than other regional markets
Macroeconomic stability becomes challenging in 2011 : chief economist
IPOs and private placement issues cloud market sentiment
Oasis Hospital to provide affordable treatment
Piramal Glass Ceylon declares a 30% dividend
US GSP trade issue still not finalised
PJ’s “Tranquil Refuge” at Anuradhapura ready in a few months
SriLankan Airlines flies dozens of mourners for Sai Baba’s funeral
Laugfs SunUp 'never sleeps' - CEO
Lessons for Hambantota from London’s Olympic Village planning
Amana Bank, Bank Islam in technical cooperation agreement
Enchanting world of wooden toys for heart, head and hands
Astrology thro’ mobile phones
Lanka Bell Broadband is the fastest :TRCSL test shows
Need to recognise scientists, researchers and inventors with decent wages


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution