Buyers from Sri Lanka, India, China eye lakefront land

Aug 13, 2011 (LBO) - Prime land facing a lake in Sri Lanka's capital Colombo is being eyed by buyers from India, China as well as large local business groups that want to take part in a lakefront promenade development, an official said. A 30-year war ended in 2009 and Sri Lanka is looking forward to a new period of high growth.

Tourists are starting to pour in. Up to July 2011 tourists were up 36 percent on the back of a 40 percent jump in 2010.

The state has also cut taxes on electronic goods to promote a shopping paradise.

Kurukulasuriya said of the balance land one acre will be used to build a new road to connect Sir James Peiris Mawatha to Staples Street across the vacant plot.

Another eight acres of land is available for developers. Sri Lanka's John Keells Holdings had made a proposal to acquire four acres, Kurukulasuriya said.
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The UDA is also offering land for developers along McCallum Road in Colombo's Fort and near the port.

Kurukulasuriya said he would like to give local companies preference, when giving land for development but they have to meet the government valuers base price.

"Local companies can also afford now. It is a good sign."

The UDA was in talks with local firms such as Softlog