Port City, Hambantota to complete before schedule
The proposed Port City Development Projects in Colombo and Hambantota construction work will be completed before schedule, Sri Lanka Ports Authority (SLPA) Chairman Dr Priyath B Wickrama said, the company said in its press release.
The Colombo Port City project will be the single biggest private sector development in the history of Sri Lanka. The biggest advantage of this project is that the government does not have to spend a single cent to create both islands,” Dr Wickrama told a seminar held at the CeylonChamber of Commerce auditorium on Friday. The theme of the seminar was “Becoming the Next Emerging Mega Hub of Asia in 2020” organized by the CCC..
Dr Wickrema said since Dubai and Singapore ports are becoming more expensive in the region this will be an opportunity for Sri Lanka. “If not some other port will grab that opportunity if Sri Lankan ports are not ready,” he said.
The developers will also provide 250 hectares of land to the SLPA free.
“From this land we can pay all our loans we obtained to build the Colombo South Harbour. A perch of this land is estimated to be sold at Rs 7.8 million,” he said.
The investment for the basic infrastructure for the Colombo port city was US$ 1.4 billion and the total investment for it will surpass US$ 2 billion, while for the Hambantota port city will comprise 108 acres and the total investment will be US$ 50 million, he said.
“The SLPA has invested over US$ 3 billion on all present port development projects (that includes the Colombo Port Expansion Project, Magam Ruhunupura Mahinda Rajapaksa Port in Hambantota, Galle Port Development, Oluvil Port Project,Trincomalee and KKS Port Development Project), which will create ample investment opportunities for both local and foreign investors. The private sector has already committed to invest over US$ 3 billion in the Colombo Port City development project, South terminal, Hambantota free zone and Trincomalee industrial zone,” Dr Wickrama said.
“Accordingly, 230 hectares, that is nearly 575 acres of water front sheltered by the new breakwater will be reclaimed at an investment of US$ 900 million by a foreign investor, he said. The plan has been given approval by the Standing Cabinet Appointed Review Committee (SCARC).
The SLPA Chairman said the area will be developed as a port city with roads, water, electricity, communication facilities to set up shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas, marinas and with a lot more additions that will develop the area as a modern city.
“These innovations will not only change the geography and outlook of Sri Lanka, but also extend immense strength to the government’s efforts to ensure continuity and dedication towards realizing the goal of making Sri Lanka, the most competitive and preferred maritime and logistic hub in the Asian region,” Dr Wickrama added.
