New look Colombo 2: UDA to acquire private land

A redevelopment and mixed development project on eight acres of land in Kompannaveediya will enable the Urban Development Authority to acquire private lands in underdeveloped or underserved areas of Colombo City, a gazette notification said. The project labelled as a pioneer concept for urban renewal is to be undertaken by a private company which will get tax concessions running into millions of rupees for project related work.

Details of the project have been gazetted by Investment Promotion Minister Lakshman Yapa Abeywardena The project estimated to cost around US$ 429.5 million including a foreign direct investment of US$ 130 million is to be undertaken by a company going by the name of M/s One-Colombo Project. But details of the company, who its partners are and its Board of Directors have not been mentioned in the gazette notification.

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(Source: Sunday Times)

New laws to ensure safety of buildings

A Construction Development Authority will soon register all contractors and adopt a string of measures to regulate the fast growing building industry.

This is one of the highlights of a new Construction Industry Development Bill the Government will introduce in Parliament “to register, formalise and standardise” the construction industry.

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(Source: Sunday Times)

Krrish group faces stay or depart directive

Krrish group faces a stay or depart directive issued by the government that allows them time till September – a final deadline – to pay the Colombo Fort Transwork square balance land lease payment, Investment Promotion Minister Lakshman Yapa Abeywardena told journalists in Colombo on Thursday.

The company had been given time till July 15, another of the many extensions it has received, to complete the land lease deal of around Rs. 5 billion of which a sum of Rs.4.4 billion has already been paid by them to the Urban Development Authority (UDA).In what is seen as the final deadline, Minister Abeywardena said, “If the company fails to complete payment before September, the final deadline, and ensure that the project would be completed in the given time frame, the project would be cancelled.” 

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(Source: Sunday Times)

Krrish strikes deal with Ritz-Carlton

The controversial Krrish Transworks Colombo, the local unit of the Indian based property developer has struck a deal with the United States based global luxury hotel chain, the Ritz-Carlton Hotel Company to hand-over the management of its proposed skyscraper in the heart of Colombo, according to Sri Lanka’s Investment promotion Minister.

The joint agreement between Krrish and Ritz-Carlton is a commonly used arrangement in the hospitality industry where the developer hands-over the management of the facility to a specialist in the industry.

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(Source: Daily Mirror)