Sunday, 14 November 2010

Controversy over proposed CCC property deal

The massive Colombo Commercial Company (CCC) property development project located at a prime area in Colombo facing Beira Lake at Sir James Peiris Mawatha has run into a major controversy due to a decision to sell it to a blue chip conglomerate at a price of Rs. 8 billion without calling for public tenders.
A government decision to wrap up the deal is mainly influenced by a powerful government official but on the other hand is being vehemently opposed by other relevant authorities, informed sources said.
The property is owned by the Urban Development Authority (UDA).
They said the CCC property has been earmarked to build city hotels, trade complexes and malls. The blue chip, in the running to own this property, has extensive commercial land in Colombo including prime area in the city, and outside.


(Source: Sunday Times)

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