China’s US$15bn reclaimed city in Sri Lanka targets investors from the West, India, Middle East
ECONOMYNEXT– CHEC Port City Colombo (Pvt) Ltd, a Chinese-owned company which is reclaiming 269 hectares from the sea is initially targeting investors from the West, India and the Middle East to give an international feel to the project, rather than just from China, officials said.
Lim Kian Siew, Director Planning and Development said reclamation work and infrastructure will be completed for investors to start building by 2020. CHEC Port City plans to spend 1.4 billion dollars on reclamation and infrastructure.
Over a 30-year project cycle the firm plans to draw about 13 billion dollars of investments to the project, head of Sales and Marketing Liang Thow Ming said.
The firm’s website, www.colomboportcity.lk which tracks progress month by month shows 38 percent of reclamation done by April 2016.
Of the 269 hectares of land reclaimed about 178 is available for commercial development, with the balance going for public utilities and green areas which includes a central park.
The city will have a central business district, commercial area and mixed use areas and living space with building eventually having 5.65 million square metres.
The Port City will house an estimated 250,000 population during daytime with a 75,000 permanent population.
Port City was working with Sri Lanka’s urban planning agency to gazette development control regulations for potential investors. (Colombo/May06/2017)