Tuesday, September 27, 2022

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Startling details reveal on Nuwara Eliya property redevelopment deal

In a bid to choose from a wider pool of potential partners to redevelop prime real estate in Nuwara Eliya Town, the Government has extended the closing date for Request for Proposals (RFPs) to 12 September.

It has been revealed that the 5 September deadline for the proposals was extended by a week to accommodate several more investors that have shown interest in the redevelopment of the property.

In July, the Urban Development and Housing Ministry’s Standing Cabinet-Appointed Negotiating Committee Chairman called for RFPs from prospective investors to redevelop prime real estate — former CeyBank Rest land extending up to two acres, one rood and 38 perches at Queen’s Road, Nuwara Eliya.

The land will be leased for 50 years; on a design, restoration, build, finance, operation, and transfer (DRBFOT) basis.

“There is a good response for the project as it is a top location. Several investors informally expressed their interest in the redevelopment of the property, and they are now in the process of compiling their proposals. All of them are financially sound and have earned a reputation for their work.

“Therefore, the officials suggested it would be good to extend the deadline by another week, to which the Committee has agreed. The extension was made primarily to accommodate those investors,” a senior official explained.

In response to the initial call, a total of 10 companies expressed their interest.The base value throughout the 50-year lease will be Rs. 385 million.

The sources said that a pre-bid meeting is also scheduled via video conferencing for prospective investors to clarify all matters concerning the project. However, the date for this has not been confirmed yet.

Initially, the property was known as the Heritage Hotel and was later leased, to the Bank of Ceylon. The CeyBank Rest in Nuwara Eliya had a colonial-type holiday resort with 20 rooms, located in the heart of the city within walking distance to most tourist hotspots — Victoria Park, Golf Club, and Gregory Lake.

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