REAL ESTATE BOOM

Colombo Port City will release 178Ha of land for commercial development in two phases from 2020

The 296Ha Colombo Port City will be ready for commercial construction in 2020, with 90% of the $1.4 billion reclamation work completed by August 2018. The developer, China Harbour Engineering Company says 178Ha with a total gross floor area of 5.6 million square miles will be made available in two phases for real estate development estimated to attract $13 billion in foreign direct investment over the next two decades. Phase I, which includes an international financial centre, beachfront and marina, has seen investors from South Asia, the Middle East, China and Japan expressing interest in developing real estate, the developer says.

58Ha

Saleable land available to investors under the first phase for hotels, malls, offices and apartments

2.6 mn

square miles – Estimated floor area under phase one

$4 bn

Estimated private investments for phase one