CHEC to kick off Port City project with billion dollar towers : Minister

Jan 26, 2018 (LBO) - Sri Lanka government has signed two Memorandums of Understanding with China Harbour Engineering Company (CHEC) to facilitate investment on Colombo International Finance City (CIFC) to construct a building complex and an underground marine drive road tunnel, a Minister said. "CHEC want to kick start investment and the project company has indicated their willingness to invest a further one  billion US dollars in the construction of the first building complex in the new land," Minister of Megapolis and Western Region Development told reporters in Colombo, Thursday. "CHEC will be leased the first 20 acres on a 99-year lease by March and we expect to break ground on this project in June 2018." The first building complex is expected to house the facilities required to make the new city into the Colombo International Finance City. The building complex will consist of three towers in phase one with space for financial services, space for highest quality offices and residences in buildings with an approximate height of about 45 floors (180 meters tall). These towers will sit on a podium which will house elegant shopping malls with cafes, restaurants ,coffee shops ,consumer facilities and entertainment spaces. The 1.4 billion US dollar Chinese Port City will be constructed between the Southern edge of the new Colombo South Port and the Fort Lighthouse. The total area of sea to be reclaimed is 269 hectares. The underground tunnel, while providing north-south link through one of the busiest traffic areas of the city, will also provide an underground road connection to the road network of the Colombo Port city. Further the roof of the tunnel being at the level of Galle Face Green towards the sea will make the width of the national public space of Galle Face Green also being expanded by 30 meters, the Minister added.