Port City to increase local and foreign real estate demand: RIU

Jul 07, 2016 (LBO) - Colombo Port City project now incorporated under the overall Megapolis plan will create a rising demand for real-estate from local and foreign investors alike, a research firm said. “The projects impact on the Colombo real estate market will be a long-term consideration” Research Intelligence Unit (RIU), a firm which specialize in real-estate market studies said in a statement. “We expect the Port City to elevate the profile of Colombo and increase the demand for its real estate from both local as well as foreign investors.” The new project will add an additional 575 acres of water-front land to the supply of real estate stock in the city, is now going ahead following some additional compliance and environmental impact studies in on order to confirm that there will be no negative impact on the coastline. It is also expected that foreign ownership will be limited to long-term lease agreements as opposed to freehold ownership which was previously agreed. The Port City is expected to boost the local economy by generating millions of dollars upon its completion and generate over 80,000 jobs. “We can expect that much of the demand for port city land will arise from new areas of economic activity along with port related businesses and leisure sector developments,” RIU said. “This development program will open doors for many foreigners to come into the country for business and work and many more expat Sri Lankans will return to Sri Lanka.
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” The SLPA Chairman had remarked recently that 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. This scenario will create an unprecedented growth in the real-estate market that will cover apartments, gated communities, residential houses, modern commercial spaces, leisure property and lead to the development of smart cities, RIU added. “We expect the long-term impact to be extremely positive on the real estate market.” However, how much it will resemble the original plans remains to be seen, RIU said.