ECONOMYNEXT – Sri Lanka will set up a land management company to manage and administer newly reclaimed land at Colombo Port City.
CHEC Port City has reclaimed 269 acres of land, all of which will be owned by the government.
A part of the land will be leased to CHEC Port City, who will progressively sell parcels to developers to recover its 1.4 billion US dollar investment.
Another part of the land will be held by the government which will also sell leaseholds to investors to get revenue.
About 91 hectares will be a common area which will have two kilometers of beach, a protected area for marine water sports. The reclamation will also have a 70-metre-wide channel.
The Cabinet of Ministers had cleared the setting up of the company, which will have duties including declaring the reclaimed area as part of the Western Province of Sri Lanka and managing and administering the area.