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As part of the latest deals, the US$ 1.3 billion project by China Communications Construction will build the port city on a 233 hectare site that will be reclaimed from the sea. The deal will be signed on Thursday, the Minister said.
The site is next to Sri Lanka’s main port and Colombo’s historic Galle Face Green seafront. It is also close to where Shangri-La Hotels Lanka Ltd., a subsidiary of Hong Kong-listed Shangri-La Asia Ltd., is building a 500-room hotel.
According to the proposed deal, 108 hectares of land will be given to the Chinese firm after the port city development, while 63 hectares and 60 hectares of land will be given for public usage and the State-run Sri Lanka Ports Authority respectively.
Meanwhile, Australia’s Property Alliance Capital Co. will pump in $ 450 million in a mixed development project including commercial buildings, malls, service apartments and multi-level car parks in the heart of Colombo.
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