Govt. expands Selendiva’s revival strategy of real estate, State hotel investments

Wednesday, 19 May 2021 00:00 - - {{hitsCtrl.values.hits}}

The Cabinet yesterday approved new plans to expand State-owned Selendiva Investments Ltd.’s plans to reinvigorate select underperforming Government entities.

A proposal by Prime Minister Mahinda Rajapaksa as Minister of Urban Development and Housing to implement three specific initiatives was approved.

Cabinet acknowledged that Selendiva Investments Ltd., owned 100% by the Treasury, has begun an investment facilitation structure under the Public Private Partnership with recognised institutions and investors. Three investment portfolios have been identified for implementation. They are the ‘Colombo Fort Heritage Square’, ‘Immovable Property Development’ and ‘The Government Owned Hospitality Sector’.

Following Cabinet approval in March last year, Selendiva was established as a real estate development company with State ownership to realise the objective of enhancing the performance of government owned institutions in the hospitality trade. Canwill Holdings Ltd. (which owns Grand Hyatt Colombo), Hotel Developers (Lanka) (Hilton Colombo) and Grand Oriental Hotel were brought under Selendiva.