UDA to lease out commercially valuable lands to earn Rs. 21 bln

In a money spinning initiative aimed at reinforcing Sri Lanka’s economy, the Urban Development Authority (UDA) is set to hand over  commercially valuable lands owned by the authority on long term lease  to earn Rs. 31 billion in three years, a high official of the UDA  disclosed.

This ground breaking initiative of leasing out UDA lands to public private partnerships will generate an income of Rs. 9 billion this year alone on the directions of Urban Development Minister Prasanna Ranatunge, he said.  

Over 60 mega projects have been identified under this investment initiative and expressions of interests will be called from prospective investors for 24 projects this year.

He noted that the competitive bidding route involved calling for Requests for Proposal (RFPs) and advertising the land, inviting bids from interested parties

Alternatively, the UDA has introduced a new system where investors can register a company with the Board of Investment (BOI) and directly procure the land from the UDA.

These lands are located in Colombo Fort, Warakapola, Avissawella, Thalawathugoda, Kottawa, Ekala, Kandy, Narahenpita, Nawalapitiya, Balangoda, Kollonnawa, Wellawatte and Padukka areas.  

The properties listed for investment include well-known landmarks such as the Gaffoor Building, Chalmers Granary, and the iconic 80 Club.

Accordingly, these 24 mega investment projects have been classified by the UDA for the construction of housing complexes, IT parks, office complexes, hotels and hospitality services, entertainment complexes, health care centres including hospitals, education industries and multi-storey car parks. (Bandula)