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Building rules ready to sell Chinese ‘Port City’ project land in Sri Lanka

Apr 11, 2018 07:26 AM GMT+0530 | 1 Comment(s)

  

ECONOMYNEXT – A Chinese firm doing a US$1.4 billion reclamation project in the Sri Lankan capital Colombo has prepared building rules that now enables the new real estate to be sold to investors, an official said.

CHEC Port City Colombo (Pvt) Ltd., part of China Harbour Engineering Company (CHEC) which is a unit of China Communications Construction Company Limited (CCCC), said it has presented Development Control Regulations (DCR) for the Colombo Port City project.

“The DCR are a signal for the marketing team to present plots of reclaimed land as viable real estate,” said Minister of Megapolis and Western Development Patali Champika Ranawaka, under whom the project comes.

The project involves reclaiming 269 hectares next to Colombo port and will expand Colombo’s existing central business district (CBD).

Ranawaka said the project meets the need to expand Colombo’s CBD.

“We are building a new city beside the old one now,” he told a forum where the new regulations were presented. 

“The DCR will benchmark standards for the Megapolis (urban agglomeration project in Colombo) and the rest of country “

The DCR were prepared with the help of Surbana Jurong, a Singaporean urban design consultancy and Atkins, a UK-based engineering consultancy.
(COLOMBO, April 11, 2018)
 


 

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1 Comments

  1. Champa April 11, 04:56 AM

    Hold on. Hold on. How could they sell the land to investors? They can only lease. The Agreement between the GOSL and the Chinese company was a Lease Agreement. They can't sell the land which was given to them on lease.

    According to commercial ground lease law, the Chinese company can only sign a subordinate lease with investors. Government holds the right of the land and its structures. .As the Port City Land is owned by the Government, there should be regulations to limit the height of new buildings. .

    I am a peasant not someone from the corporate sector. But I love my country more than anybody else. Reclaimed or not reclaimed, the sea around the country belongs to the citizens of this country. We are the owners of this country. Governments are only caretakers. Governments come and go. But the country should be left for its rightful owners, the people.

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