UDA joins bandwagon to rake in forex via apartment sales

• Generates $ 143,700 via sale of three houses in schemes built by UDA in Pannipitiya, Kottawa, Malabe to migrant workers
• Urban Development and Housing Minister Prasanna Ranatunga eyes $ 500K by end-2022, $ 1.5 m in 2023

The State-run Urban Development Authority (UDA) has joined the bandwagon to rake in foreign exchange in an effort to overcome the ongoing economic crisis. 

Urban Development and Housing Minister Prasanna Ranatunga said three more housing units valued at around $ 143,700 were sold as part of the Government’s scheme to sell the UDA-built apartments for foreign currency to Sri Lankan migrant workers.

He made these remarks following a progress review meeting of the scheme held on Monday.

As per the Minister, the first house sold under the program was bought by a Sri Lankan living in Dubai on 27 September.

He said the applications have been submitted by Sri Lankan migrant workers in the US, Canada, Australia, the UAE, Britain, and Bangladesh.

The apartments are part of the Viyathpura Housing Scheme built by the UDA in the Pannipitiya, Kottawa, and Malabe areas.

“Already applications have been submitted for the purchase of another 10 houses at the apartment complexes built for middle-income families by the UDA,” he added.

He also said that they expect to achieve a target of $ 500,000 by the end of this year and $ 1.5 million via the project next year.

Sri Lankan migrant workers can receive a discount of 10% for outright payment of the full value or a discount of 5% for instalment payment.

The first house sold under the program was bought by a Sri Lankan living in Dubai on 27 September.