Cabinet approves fresh investment call for Chatham Street land

Sri Lanka’s Cabinet of Ministers has approved a fresh call for investment proposals for a prime land parcel on Chatham Street in Colombo Fort after an earlier attempt failed to attract investors.

The Urban Development Authority (UDA) had invited proposals in 2024 for a mixed development project on a 99-year lease basis for a 2-rood, 14.7-perch portion of land owned by the authority. However, no suitable investor came forward under the initial call, according to Cabinet papers.

In response, the Cabinet approved a proposal submitted by the Minister of Transport, Highways and Urban Development to re-invite development proposals from the private sector in line with government procurement guidelines.

The land will be offered on a 99-year lease for a mixed-use development project, based on a valuation conducted by the Chief Valuer of the Government. The government said the move is aimed at ensuring optimal use of state land while contributing to economic development.

Colombo Fort is one of the country’s key commercial hubs, and the Chatham Street area is considered strategically important due to its proximity to financial institutions, port-related activity and transport infrastructure. (Newswire)

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