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)