$ 14 m initial investment for Slave Island Station passage redevelopment

By Cheranka Mendis

Imperial Builders Pvt. Ltd., a real estate company from Pakistan, will initially invest US$ 14 million in the Slave Island (Station Passage) redevelopment program, conducted in partnership with the Urban Development Authority (UDA) and Ministry of Defence.

This is exclusive of other accumulating costs and an investment of US$ 23 million is expected during the next three-year period in a mixed development project in the area vacated by the current residents.

Speaking to the Daily FT, Imperial Builders Chairman Naveed Lakhani stated that the company had anticipated a cost of US$ 14 million for the initial work on the Station Passage Redevelopment Program where a three-and-a-half acre land consisting of 130 residential houses and 29 official houses of railway officials would be demolished and a luxury apartment complex would be built on the land that belongs to the Railway Department in Slave Island.

“We are working on a Government barter system. The Sri Lankan Government does not have the necessary capital to invest in this project, which runs alongside the grand plan of Colombo City Development,” Lakhani said.

“We will construct the apartment complex for the residents as well as the Railway Department officials in the land that belongs to the Railway Department. In response we will receive a 108-perch private land where the Military car park is now located for a mixed development project.”

While there will be no relocation of houses of the residents in the area until the complex is built, the Railway Officials will have to find alternative houses for a period of one-and-a-half years. Imperial Builders will pay a monthly rental for the officials during the period.

Lakhani stated that the railway employees had demanded Rs. 45,000 for Executives and Rs. 15,000 for general workers for relocation. “We have agreed to the sum and will start the payment as soon as we start construction and the officials move.”

Construction work is expected to start late September and is expected to be completed within two years.

UDA Deputy Director General (Projects) Nihal Fernando told the Daily FT that after the residents had been moved to the new apartment, one-and-a-half acres of land in the area where the residents were would be given on a long-term lease to Imperial Builders.

“Like we gave land to Shangri-La, we will give them the land on a 99-year lease, where they will construct a mixed development programme in line with the development happening around the area by John Keells Holdings, Shangri-La and by three investors, which includes a local party, as well in the Colombo Commercial Land, where a 70-storey apartment complex is to be erected,” Fernando said.

The complex will have two separate towers for the Railway officials and another two for the community. Plans are in the pipeline to give part of the first floor of the community apartments to a supermarket chain on rent, where the rent incurred will be utilised for the development and renovation of the building when needed.

A commercial building with small boutiques, etc., will also be erected alongside an indoor play area, mosque, and a recreational hall. The towers are to be equipped with lifts. The apartments will come in four sizes and will be allocated for the community based on the sqft measurement of their current houses.

ACS Integrated has been awarded the task of doing the architectural work for the project. This is the first condominium project undertaken by the company. Archt. Nandika Dhananjaya Samaranayake representing the company noted that the large apartments would be 2,360 sq ft and 1,180 sq ft.

“These will be erected in fourstorey towers while the others will be on two nine-storey buildings. The children’s play area is to be approximately 1,500 sqft and the mosque will be the same size as the existing one.”

A discussion was held on Tuesday with the Slave Island residents in the presence of Defence Secretary Gotabaya Rajapaksa at Mihilaka Medura, BMICH. While the residents posed various concerns on the size of the new apartments, Rajapaksa assured that all new apartments would be bigger in size than those they were living in currently. He also urged the residents to work in close coordination with the builders on specifics. The apartments will be given to the people under the Condominium Law, he said. Pic by Upul Abayasekara