Global Leasing secures 99-year lease for mixed development project in Colombo

The Cabinet of Ministers at their last meeting approved extending a 35.95-perch plot of land located on Perahera Mawatha, Colombo 3, to Global Leasing Ltd., for a mixed development project under a 99-year lease agreement.

The decision follows an open call for proposals from interested investors, with the Management Board of the Urban Development Authority (UDA) and the Cabinet-appointed Standing Negotiations Committee selecting Global Leasing Ltd. as the successful bidder. 

“The allocation of this prime land owned by the UDA to Global Leasing Ltd., for a mixed development project is part of our broader strategy to enhance the urban landscape of Colombo and attract more investment,” Cabinet Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing on Saturday.

The proposal for the lease presented by the Urban Development and Housing Minister Prasanna Ranatunga was approved by the Cabinet of Ministers.