The government is offering prime Colombo land at a mix of an installment cum upfront payment basis for a 99 year lease deal, a top official said. Prime, urban waterfront land adjoining the Beira Lake at D. R. Wijewardena Mawatha, Colombo 10 will be made available for development transforming the area as a leisure and entertainment hub of Colombo.
With basic infrastructure already existing, the terms of allocation of the crown land are long-term or 99 year leases at market value. Nihal Fernando, Director-General, Urban Development Authority (UDA) said that a considerable percentage of the land value has to be paid at the time of assessing the land and the balance should be paid in continuous installments within a period fixed by the (UDA). “ The former UDA head office at D.R. Wijewardena Mawatha which has five acres will also be offered for local or foreign investors for development,” he told a representative audience at a knowledge sharing conference on the role of real property development in an emerging economy in Colombo on Thursday. "The Beira Lake would be dredged and the water would be cleaned along Vauxhall Street to ensure a clean environment," he said.
(Source: Sunday Times)