Expo Property gets land in Kollupitiya for long-term lease

The Cabinet of Ministers on Tuesday approved a proposal to transfer a 52-perch plot of land in Kollupitiya to Expo Property Developers Ltd., under a 99-year lease. 

The decision comes following complications in transferring a previously allocated 40-perch plot due to unauthorised occupants. 

The land, owned by the Urban Development Authority (UDA), was initially approved for disposal in 2007 under a 50-year lease with 25% of the land’s value charged. However, due to the presence of unauthorised residents, the transfer could not be completed. 

Expo Property Developers requested an additional 12 perches adjacent to the original plot to facilitate a housing project, making the total requested area 52 perches. The Board of Management of the UDA has approved this request. 

The Cabinet of Ministers approved the proposal presented by the Urban Development and Housing Minister Prasanna Ranatunga to lease the land for 99 years based on the current valuation by the chief assessor.