In The Press

Colombo Port City will take 30 years to complete


The Colombo Port City project is set to take nearly a lifetime to complete with a 30-year period given for its full completion for which marketing is getting underway at the moment to attract investors to the prime property.
The CHEC Port City Colombo Chief Sales and Marketing Director Liang Thow Ming said on the sidelines of a media briefing that the entire port city project would take 30 years to complete inclusive of buildings. The media briefing was held to announce the launch of the project’s upgraded website
Currently, the company is working on reclamation work and infrastructure development at the site at a cost of US$1.4 billion, he said. The estimated cost of the construction of the buildings would be US$13 billion and in this respect, the total investment on the Phase I of the project would be US$$15 billion.
Mr. Ming noted that they were currently involved in marketing the project and speaking to potential investors.
Two of the main criteria the Chinese owners were looking at are a solid track record in developing properties and their financial capability.
He noted that there is a “general interest” by investors in the market and looking at attracting investors from West Asia, India, South East Asia and the West.
Asked whether Chinese firms would be investing in the project, Mr. Ming explained that they wanted to market the project as an “international island”. “We want to balance it by showing that it’s international.” He said adding that this was not a pre-condition but an initiative taken on their own.Potential investors would also be given the property on a 99-year lease for the purpose of constructing office, retail shopping, residential places and hotels with certain requirements placed like the tower height.
Unveiling their Master Plan the project has been divided into five areas namely: financial district on 40 hectares (H) with the ability to accommodate an 11,000 population; a marina on 15 H for 5,000 people; Central Park on 35 H for 10,000 people; an international island on 85 H for 23,000 population; and an island on 95 H for 26,000.
The website launched on Thursday gives updates on reclamation progress taken with drones and is primarily meant to provide information to the public previously not available, the company stated.
As part of their marketing plan, the company is also using the services of consultancy agencies to reach out to investors in addition to having one-on-one meetings by the company as well.