ECONOMYNEXT — Several proposed developments for Sri Lanka’s Colombo Port City, including a private hospital, an educational institute, and a gaming casino, have dropped out, a parliamentary committee was told.
Colombo Port City Economic Commission (CPCEC) Director General Revan Wickramasuriya told the Committee on Public Finance (COPF) that out of ten earlier projects, five had withdrawn while five remained operational.
The dropped ventures include an Asiri Hospital project, a Gateway educational facility, and a mixed development by Clothespin Management and Development. Another applicant, Universal Entertainment Colombo, exited during due diligence for a 10-hectare plot earmarked for an integrated resort.
“That was another applicant that considered the integrated resort plot… They came in; they, again, withdrew during their due diligence,” Wickramasuriya said.
Despite the pullouts, primary investments across nine leased land parcels have reached 1.12 billion US dollars, with lease agreements executed and completed for two residential, two mixed-use, marina, and hotel plots.
“The Marina has started. Piling for the CIFC has started. ICC Bay 1 is at the first-floor stage. At Home Lands, piling work is underway. For Prime Melwa Project 1, piling is also underway,” CPCEC Chairman Harsha Amarasekera said.
Among the active developments, Ceylon Real Estate Holdings has begun piling for the Colombo International Financial Centre (CIFC).
Backed by a 515-million-US-dollar investment for its first phase, the 160,000-square-metre flagship mixed-use development will integrate premium office space, luxury residences, and a retail podium to anchor Sri Lanka’s emergence as a regional financial and business hub.
A sixth signed venture, the Marina Hotel, has yet to start, while residential construction by ICC Port City is underway.
The commission is also targeting an additional one billion US dollars in pipeline investments over the next 12 months near the central business district.
Colombo Port City has 118 land parcels. China-backed CHEC Port City Colombo will market 48, while the government will sell 28 and retain common areas. (Colombo/Oct15/2026)