People’s Bank head office to be relocated – Another victim of clearing valuable land in Colombo?

People’s Bank head office to be relocated – Another victim of clearing valuable land in Colombo?

Written by Staff Writer

29 May, 2021 | 9:53 pm

COLOMBO (News1st): The foundation laying ceremony for the new head office of the People’s Bank was held under the auspices of Prime Minister Mahinda Rajapaksa yesterday.

The foundation stone was laid in a land area located near the Ibbanwala junction.

The plaque of the building was unveiled using state-of-the-art technology by Prime Minister Mahinda Rajapaksa who joined the event via a video call.

The new 23-storied building will comprise three basements and will be constructed under the green concept.

Accordingly, the People’s Bank head office which was situated in the Chittampalam M Gardiner Mawatha for 44 years will be moved to the Ibbanwala junction in Colombo in the near future.

The previous building is located near the Cey Nor Restaurant, which has been identified as a site, to attract investments under the newly set-up Special Purpose Vehicle as part of Selendiva Investments (Pvt) Ltd.

The Selendiva Holdings Special Purpose Vehicle will operate under this entity which is owned completely by the Treasury.

The Special Purpose Vehicle had been set up for investments projects.

What are these valuable properties?

The Grand Oriental Hotel and York Building, Gafoor Building, Ministry of Foreign Affairs, and Postal Department Head Office have been classified as the Colombo Fort Heritage Square investment portfolio

The Cey Nor Restaurant along D.R. Wijewardena Mawatha, the mega mixed development project of the Waters Edge Hotel and the International Coordination Centre in Kankesanturai in Jaffna are classified under the immovable property development investment portfolio.

Further, the Hilton Colombo and Grand Hyatt are also to be brought under the SPV and will be given away to investors.

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