9 September 2023 12:00 am Views - 161
The Urban Development Authority (UDA) has issued the Request for Proposals (RFP) starting from September 14 from potential investors or developers- either local or international- to undertake the Establishment of mixed commercial development with Tea Museum and 80 Club by renovating this colonial building which is located within the commercial hub of Colombo, a statement from it said.
UDA Chairman Nimesh Herath said his office receives numerous requests from world renowned hospitality sector operators for amenities, particularly for foreign visitors, and they want to establish specific amenities without compromising the location’s character. Historical structures are popular among tourists due to their historical significance and unique identities.
He said a number of buildings with historical values which were constructed in the colonial period in Colombo and other main cities of the country such as Kandy, Nuwara-Eliya, Galle and Matara are vested with the UDA.
“These historical buildings often have unique and charming architectural features that have adaptive reuse market value and are able to convert them into high-end hospitality and leisure developments with conservation for future generations. Over time, this can lead to property appreciation, potentially increasing the value of the property. Further, investing in historical properties can diversify an investment portfolio. Real estate investments, especially in unique and historic locations, can provide a hedge against the economic crisis of the country. Therefore, UDA expects to explore these investment opportunities in the renovation of old dilapidated colonial buildings with the collaboration of the private sector investors while facilitating those investors for the said activities without government financial support.
Potential bidders, including investors and developers, can obtain the RFP documents from the Real Estate Management and Development Division at the Urban Development Authority, 8th Floor, Sethsiripaya Stage I, Battaramulla. Additional information is available on the UDA website (https://www.uda.gov.lk/investment-potential.html).