• US$ 900 million mixed-use development project by Kerry Properties and Shang Properties postponed 

The Urban Development Authority (UDA) is gearing to call Requests for Proposals (RFPs) for development activities in five identified landparcels around Beira Lake within the next three months under the proposed Masterplan to develop the Beira Lake and surrounding area, which has been finalised. 

“We have already finalized the masterplan for the entire area and we are now awaiting this to be published on the government gazette. In the meantime, we are moving ahead to seek investment proposals and to advertise five identified land blocks based on the guidelines of the Masterplan within next three months period,” a top UDA official told Mirror Business.

The UDA already commenced the process to obtain necessary approvals to advertise the five land-plots for development activities. 

According to the UDA, the Beira Lake and surrounding area contains around 200 acres of marketable land, and so far, 50-acres of such land are either vested with the UDA or in the process of being vested with the UDA from other State entities. 

Earlier, the previous government, under the Beira Lake Intervention Area Development Plan has proposed zoning plan to develop the area. 

Meanwhile, it was announced that US$900 million mixed-use project approved on six-acre land parcel on Sir James Peiris Mawatha overlooking Beira Lake is postponed due to the COVID-19 pandemic.

“The original plan was to develop the entire project over a period of eight to nine years. However, the development is being postponed owing to the incidents that occurred in Sri Lanka in April 2019 and the COVID-19 pandemic in 2020. The schedule of the project will be reviewed at the end of 2021,” the main investor of the project, Kerry Properties Limited revealed.

The Hong-Kong based Kerry Properties Limited and Philippine-based Shang Properties Inc. which is an associate company of Shangri-La have formed a joint venture, Shang Properties (Pvt) Ltd to develop the mixed-use development project.

The government has already leased the required land for the joint venture firm on a 99-year lease basis. According to the current plan, the phase one of the project includes a high-rise residential tower, while phase two would have residential and retail components.