Lanka to develop prime state property

Colombo: Sri Lanka will look for private investors to develop prime state property in the heart of the capital Colombo, who would be expected to build a two-tower high rise which could cost around 200 million US dollars, a senior minister said.

The land is the so-called Transworks Square, a four acre 37.4 perch property which houses the historic Transworks House, information minister Anura Yapa said.

Sri Lanka's cabinet of ministers had approved the setting up of a tripartite committee made up of the Urban Development Authority, the finance ministry and the Central Bank to take the project forward, Yapa said.

He said the projected tower blocks will have to be built without harming the historic Tranworks House.
The project is estimated to cost around 22 billion Sri Lanka rupees with the government expecting a building of 103,000 square meters of office, apartment and commercial space with about 1400 parking bays in 10 basement levels to be built, the information ministry said.

The area is located in Colombo's Fort area, across the Colombo Hilton and the World Trade Centre building developed by Singapore's SP Tao group which houses the Colombo Stock Exchange.