UDA opens up over Rs. 550 m worth investment opportunities

Friday, 24 November 2023 00:32 - - {{hitsCtrl.values.hits}}

Taking strategic measures to address the ongoing economic challenges, the Urban Development Authority (UDA) has unveiled multiple investment prospects surpassing Rs. 550 million for four key properties.

According to the UDA, these investment opportunities, available on a long-term lease basis, aim to make the best use of underutilised assets and stimulate economic growth and development.

The UDA’s Real Estate Management and Development Division has issued Requests for Proposals (RFPs) for two prominent projects.

The first is a mixed development project located in the Balangoda Town Centre, covering a land extent of 1 acre, two roods and 39.4 perches. The lease period for this project is set at 50 years, with a substantial base value exceeding Rs. 132 million (Rs. 132,150,000). The second project focuses on a Rest House development at Calido Beach in Kalutara. This project, available for a 30-year lease period, includes a land extent of two roods and 16 perches, with a base value of Rs. 40 million.

In addition, tenders have been floated for two mixed-development projects in Nawalapitiya and Avissawella.

The Nawalapitiya project covers a land extent of one rood and 20.4 perches, with a lease period of 50 years and a base value exceeding Rs. 47 million (Rs. 47,725,000). The Avissawella project located in Madola, spans an expansive 12 acres, three roods, and 22.8 perches. This land is set for a 99-year lease period, commanding a significant base value of over Rs. 300 million (Rs. 333,322,500).

The UDA is hopeful these initiatives align with its efforts to invigorate economic sectors and attract investments.

The Urban Development and Housing Ministry›s Standing Cabinet Appointed Negotiating Committee Chairman will evaluate the RFPs while the UDA›s Revenue Tender Board Chairman will examine the tenders.