CHEC to launch first major project in Colombo Port City

by Ifham Nizam

The China Harbor Engineering Company (CHEC) had come forward to construct the first major investment project in Colombo Port City project, a senior government official said.

The investment is about USD 1 billion.

According to the official, it would be a mixed development project to be implemented in two phases. Of the USD 1 bn, so far USD 440 million under the first phase and USD 56 million under the second phase have been released.

Under the first phase, three world-class office towers, two luxury housing towers and a shopping mall will be built in the port city.

Under the second phase, two world class office towers and a shopping complex will be constructed.

According to a report (2019) by PricewaterhouseCoopers the project “will have a significant impact on the national economy,” as it may generate 210,355 jobs, and add 0.7 billion U.S. dollars to the Foreign Direct Investment (FDI), 11.8 billion dollars to gross domestic product, and USD 0.8 billion to government revenue every year.