Sunday, 27 July 2014

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.
(Source: Sunday Times)

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