Friday, 16 April 2010

Sri Lanka moves to free prime property in capital

 Prime property in Sri Lanka's capital Colombo could be made available to private developers when the government goes ahead with a planned shift of state institutions, including defence, to the suburbs, officials said.

"We're waiting for the green light," said an official of the Urban Development Authority, which is in charge of urban planning.
The government has decided all administrative functions must go to Sri Jayawardenepura, a new city west of Colombo, he said.
"We will not keep a single government entity in Colombo."
The new city was planned as the administrative capital, leaving Colombo, where most companies have their offices, as the commercial capital.

More >>

Source: LBO

Wednesday, 14 April 2010

Boom times for Sri Lanka

Sri Lanka's hotel owners are racing to refurbish and add thousands more rooms as foreign holidaymakers pour into the country after the end of nearly four decades of ethnic bloodshed.

Leading hotel groups plan to spend millions of dollars on new decor and facilities for the influx of tourists drawn to the plentiful sunshine, beaches and tropical wildlife on the Indian Ocean island nation.

The ambitious expansion comes amid a post-war revival that has pushed up hotel room rates and given the hospitality industry something to cheer for the first time in years.

Read More>>