State Minister of Urban Development & Housing, Arundika Fernando, announced that steps will be taken to offer commercially valuable lands in major cities across the country to investors as part of an initiative to contribute to the national economy. The government has also reached out to investors, urging them to resume projects on state-owned lands in Colombo that were halted midway due to economic challenges faced by the nation.
During a press conference organized by the Presidential Media Centre on July 21, Minister Fernando emphasized the government’s commitment to revive suspended projects and strengthen the economy. The investors have been given an ultimatum to decide on resuming their projects by the end of the following month. Failure to comply could lead to the government taking over the uncompleted projects and assigning them to new investors.
The state minister highlighted the decision to distribute properties with commercial worth, particularly in major cities like Colombo, to new investors. Notably, the government plans to safeguard employee rights and uphold conventions while improving the lucrative Hilton Hotel to bolster the country’s economy. Waters Edge Hotel in Battaramulla is also slated for a transfer of ownership to new investors.
Additionally, 24 coastal regions designated as tourist destinations will be accessible to investors to promote national economic growth. Temporary construction rights will be awarded to new investors with a focus on developing these zones into attractive tourist destinations with beach activities, similar to those seen in other countries.
Furthermore, under President Ranil Wickremesinghe’s guidance, Colombo, Ella, Nuwara Eliya, Kandy, and Trincomalee are being developed as favorable tourist attraction areas.
The government is implementing several projects with the support of the Asian Development Bank and government agencies like the Urban Development Authority. Among these projects is the Aruwakkalu Scientific Sanitary Garbage Dump, part of the Colombo Solid Waste Management initiative, which is set to be completed and handed over to the public by the end of January next year.
