Govt gives ultimatum to investors on resuming halted projects in Colombo

Steps will be taken to provide commercially valuable lands located in major cities in the country to investors in a bid to contribute to the economy, State Minister of Urban Development & Housing says.

Arundika Fernando also stated that the government has informed the investors in writing to resume the projects on commercially valuable state-owned land in Colombo that have been halted midway due to the economic situation facing the country.
  Accordingly, the government has given an ultimatum to the investors demanding the resumption of the suspended projects, the lawmaker mentioned, adding that if the investors fail to a decision before the end of next month, these uncompleted projects would be taken over by the government and given to new investors.

The state minister made these remarks addressing a press conference organized by the Presidential Media Centre (PMC) on Friday (July 21).

Speaking on the properties with commercial worth in major cities, notably Colombo, the state minister said it has been decided to distribute them to new investors in a way that will strengthen the economy of the country.

“Currently, Hilton Hotel is a lucrative business. As a result, it has been agreed to safeguard employee rights as well as the Hilton hotel chain’s conventions and improve it in order to boost the country’s economy. Along with this, steps are being taken to transfer ownership of the Battaramulla-based Waters Edge Hotel to new investors. Additionally, a committee has been established by President Ranil Wickremesinghe to examine how these new initiatives would be carried out.”

Fernando said a decision was taken to grant investors access to 24 coastal regions that have been designated as tourist destinations, so that they can boost the national economy. “New investors will be awarded temporary construction rights to those coastal zones. These zones must be formed with tourist-drawing beach activities, as in other countries.”

In addition, on the advice of President Ranil Wickremesinghe, steps have already been taken to develop Colombo, Ella, Nuwara Eliya, Kandy and Trincomalee as favourable tourist attraction areas.

Some projects are being implemented with the assistance of the Asian Development Bank under the intervention of government agencies including the Urban Development Authority, the state minister added.

Meanwhile, the construction of the Aruwakkalu Scientific Sanitary Garbage Dump under the Colombo Solid Waste Management project is scheduled to be handed over to the public by the end of January next year, he said further.