August 16, Colombo (LNW): The Colombo Marina Development Ltd has been declarered.as a key project with strategic development status, under the Colombo Port City Economic Commission Act No. 11 of 2021. This status grants the company access to specific incentives and support relevant to the project.
The Cabinet of Ministers on Monday endorsed the nomination of Colombo Marina Development as primary venture in Port City
As part of this initiative, four plots of land in the Colombo Port City area have been leased to Colombo Marina Development. The company, a subsidiary of Browns Investment Private Company, is tasked with executing the ‘Recreation Port’ (MARINA) development project.
This project aims to build a cutting-edge facility capable of accommodating 243 marine vessels. Besides serving as a marina, the development will also include exclusive guest clubs, dining options, retail spaces, recreation areas, event venues, and ample parking.
The project is anticipated to significantly enhance Colombo Port City’s appeal as a top destination for marine tourism and recreation, thereby contributing to the region’s overall economic growth.
Additionally, the Cabinet of Ministers approved entering into agreements to lease land within Colombo Port City for the development of hospitals, schools, and universities, in accordance with Section 6(1)(C) of the Colombo Port City Economic Commission Act No. 11 of 2021.
This section empowers the Colombo Port City Economic Commission to lease marketable state lands under its control.
Meanwhile the Commission has invited proposals from investors for the development of educational and healthcare facilities within Port City. Among the proposals submitted are plans by Asiri Port City Hospital Ltd., Gateway International School Ltd., and Gateway International University Ltd.
These plans include a US $100 million investment for a hospital and $25 million each for a school and a university.
The proposal, submitted by President Ranil Wickremesinghe in his role as Investment Promotion Minister, received approval from the Cabinet of Ministers.
