The Urban Development Authority (UDA) receives numerous requests from world-renowned hospitality sector operators for amenities, particularly for foreign visitors to enjoy when they visit Sri Lanka, said Chairman UDA, Nimesh Herath.
Historical structures are popular among tourists due to their historical significance and unique identities and we have identified some of them for redevelopment. “We will redevelop them via investments from foreign and local investors without compromising the location’s character.”
To this end, UDA has already published a Request for Proposals (RFP) from September 14 until November 2, 2023, from potential investors or developers to undertake the Establishment of mixed commercial development in Historical Heritage Properties.”
The UDA has commenced the renovation of the dilapidated and historical buildings island-wide and recently completely refurbished and reopened colonial building 80 Club investing over Rs. 400 million including Rs. 125 million for international slandered kitchen equipment and accessories. The condition of the property was in a deteriorated status and bad shape when it was taken over by the UDA and today it comprises a Mini theatre, a billiard room, a fully-fledged boardroom for meetings and dining facilities spread out over six different rooms.
The UDA Is also in the process of identifying and refurbishing the colonial period in Colombo and other main cities of the country such as Kandy, Nuwara Eliya, Galle, Matara etc. Real estate investments, especially in unique and historic locations, can provide a hedge against the economic crisis of the country. Further, investing in historical properties can diversify an investment portfolio.
“Therefore, UDA expects to explore these investment opportunities in the renovation of old dilapidated colonial buildings with the collaboration of the private sector investors while facilitating those investors for the said activities without government financial support.”
UDA has issued (RFP) for the following two properties. Renovation of the Building located at No. 11, Sir Baron Jayatillake Mawatha as a Mixed Commercial Development with a Tea Museum.
The UDA owns this historical structure, which has been preserved in part without undergoing significant changes to its original architectural design. UDA invites private sector partners to not only preserve this building but also utilize it for commercial purposes on a long-term lease basis.
The estimated investment required from the private sector is approximately Rs. 500 to 800 million for the conservation and renovation of this historic structure.
The Development of High-end Boutique Hotel at No. 25, Independence Avenue, Colombo 07. Another exciting project on our horizon is the development of a high-end boutique hotel at No. 25, Independence Avenue, Colombo 07. In line with a decision taken by the Cabinet of Ministers, the property was vested with UDA to open the premises to the general public.
This property, in the residential Cinnamon Gardens, stands as a testament to British colonial rule. This phase envisions the creation of a high-end boutique hotel, featuring 26 rooms, a pool, and advanced hospitality features.
Chairman, UDA invites potential investors and developers, both local and international, to participate in Phase Two of this transformative project through RFP (Request for Proposals).
Potential bidders, including investors and developers, can obtain the RFP documents from the Real Estate Management and Development Division at the Urban Development Authority, 8th Floor, Sethsiripaya Stage I, Battaramulla. Additional information is available on the UDA website (https://www.uda.gov.lk/investment-potential.html).
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