Wednesday, 30 December 2015

Port City’s public area gets wider under EIA plan

The new Environmental Impact Assessment (EIA) plan presented by the government for the Port City shows an increased public area. 

 The area allocated for public usage according their originally negotiated position of September 2014 was 63ha but now it has been increased to 96ha, which has moved the public land area from 27 percent of the total land extent to 36 percent. 

 The public areas will follow an open space concept consisting of a network of public parks and open water, large scale and small-scale streets, public squares and small plazas. Open space provision is based on land use, demographics and maximum walking distances to various facilities creating a hierarchy of open spaces that has the benefits of enhancing the physical character of an area; improving physical and social inclusion, including accessibility; and providing connected routes between places for walking and cycling, and safer routes to schools. 


(Source: Daily Mirror)

Monday, 28 December 2015

FCID Commences Probe On Krrish Deal

The police Financial Crimes Investigations Department (FCID) has commenced an investigation into the controversial Krrish Transworks Colombo (Pvt) Limited project that was initiated during the former Mahinda Rajapaksa regime. Several VVIPs of the former regime are hence expected to be interrogated by the FCID in the next few weeks.

The US$ 650 million Krrish square mixed development project in Colombo was aimed at constructing four high-rise buildings containing a luxury hotel, apartments, malls and office space covering a land space of 4.3-acres on a 99-year lease from the Urban Development Authority (UDA).
(Source: Sunday Leader)

Tuesday, 22 December 2015

Colombo Port City: “No insurmountable impact on the environment”, new EIA says

A (new) Supplementary Environmental Impact Assessment (SEIA) of the controversial Colombo Port City undertaken following demands from environmentalists for a proper EIA, has concluded in a report released this week that there is no ‘insurmountable impact” on the environment.
“On the basis of the detailed analyses … presented in this study and on the assumption that the recommendations for the mitigation of identified impacts are adopted and adequately implemented, it is concluded that there is no insurmountable environmental impacts associated with the construction of the reclamation and related protective works and the extraction of required material for the said construction – sea sand and quarry material,” the report, a copy of which was seen by the Business Times, said. The investor is the Hong Kong-based China Communications & Construction Company (CCCC).


(Source: Sunday Times)

Monday, 21 December 2015

Clear land and condo laws needed to attract foreign investment, CB Governor says

Ambiguous laws relating to ownership of land and condominium property rights in Sri Lanka can thwart foreign investment flowing into the country. Central Bank Governor Arjuna Mahendran said that land and condominium ownership in Sri Lanka is an issue that has to be addressed as legislation in this regard in recent times has regrettably become slightly muddied and unclear and this needs urgent repair for which the new government has made plans . He was speaking at the International Mayors forum held in Colombo last week under the theme of “Future Cities” as part of the 150 anniversary celebrations of the Colombo Municipal Council.


(Source: Sunday Times)

Land prices up 25 % in Colombo, suburbs

Land prices in and around Colombo have seen a near 25 per cent rise over the past few months and after the November budget, industry analysts say. With the low interest rates that prevailed during the year followed by currency depreciation, there was a natural increase in asset prices which was supplemented, according to them. “This was what was seen during the past 18 months and there was a high dmand for land. Colombo high end residential property has experienced a boom during this time,” an analyst added, noting that Colombo land prices have increased by about 25 per cent.


(Source: Sunday Times)