‘Ground-breaking in the offing of first mixed use complex in Port City Colombo project’

The implementation of the Port City Colombo project is progressing well. The construction of all internal infrastructure is taking shape and the project’s first mixed use complex is scheduled for ground-breaking shortly, Assistant Managing Director, CHEC Port City Colombo (Pvt) Ltd., Thulci Aluwihare told The Island Financial Review in an interview.

By Lynn Ockersz

The interview:

How would you assess the progress made so far in the implementation of the Port City Colombo project?

It is progressing well. All internal infrastructure (roads, bridges, utilities and landscaping) are now progressing, with completion of Phase I expected in 2nd half 2022. As at now, over 100 Ha of land parcels are ready for construction. In fact, the first vertical development within Port City – a mixed use complex, is scheduled for ground breaking shortly. The Marina area and the beach would be open for public no sooner the pandemic subsides.

Is the Port City Colombo project attracting notable international investor interest? If so, are Western concerns articulating an interest as well?

Port City was able to attract the attention of prominent international investors from across the world, as evidenced by several high-profile visits even in the midst of the pandemic. However, most real estate investors, especially with regard to cross border investments, have remained on the side-lines given the need to physically visit the Port City site and assess it. We are actively reaching out to institutional investors with the objective of entertaining their interest as soon as practicable when the pandemic subsides.

What is the current status of the operationalization of the CHEC Port City Commission?

Firstly, the seven-member Commission was appointed by HE the President in accordance with the Colombo Port City Economic Commission Act and is known as the Colombo Port City Economic Commission. This is an independent body of the Government of Sri Lanka to manage, regulate and administer the Port City project and we do not have any role in this.

Post appointment of the Commission in May 2021, the Commission has inquired into the progress of the project and they’re actively working towards resolving the immediate term issues in operationalizing the Port City project. Another key task of the Commission, as I understand, is the formulation of regulations under the framework law to support a conducive business environment to attract investors and businesses.