Sri Lanka to claim full ownership of Colombo Port City!…. after 99 years (VIDEO)

Sri Lanka to claim full ownership of Colombo Port City!…. after 99 years (VIDEO)

Written by Staff Writer

25 Oct, 2017 | 10:33 pm

Land reclamation for the Colombo Port City Project is 50% complete, said Minister of Megapolis and Western Development, Patali Champika Ranawaka.

The Minister said the project is in effect ahead of its planned duration.

2014 – The Colombo Port City Project began construction following an agreement during the previous administration.

2015 – With the change in government on January 8 – the agreement was reconsidered.

2016 – A trilateral agreement was signed.

99 Years

According to the Ministry, the 2016 agreement “gained Sri Lanka more benefits than the agreement signed in 2014”.

The initial agreement was to sell a 20 hectare land area of the Port City to China while the rest will be given on a 99 year lease.

Through the new agreement, the sale of 20 hectares has been taken out and the whole land will be given on a 99 year lease.

Therefore, following the end of the lease period, Sri Lanka will claim full ownership of these lands.

According to Min. Ranawaka;

  • Colombo Port will be at the same location
  • Eastern and Western Terminals of the Port will be constructed in the future
  • Colombo Harbour is expected to become more active
  • Marina to be constructed underneath the harbor – which will operate yachts to develop the tourism
  • Coastal belt to be developed up to Dehiwala from beneath Colpetty.

 

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