LOLC to develop Rs.13bn mixed development project on UDA land in Rajagiriya

LOLC Investment Holdings Two (Pvt.) Ltd, a subsidiary of LOLC Group has secured a land block located on Cotta Road in  Rajagiriya on long-term lease basis to develop a mixed development project with an investment of Rs.13 billion.

Prime Minister Mahinda Rajapaska as the Minister of Urban Development and Housing on Monday sought the approval of the Cabinet of Ministers to lease one acre, one rood and 9.29 perch land plot situated at Cotta Road, Rajagiriya  belonging to the Urban Development Authority (UDA) to LOLC Investment Holdings to develop a mixed development project following recommendations furnished by the Cabinet Standing Review Committee under the State Ministry of Urban Development, Waste Disposal and Community Cleanliness and the management board of the UDA.

The land was given on 99-year lease for Rs.1.1 billion to LOLC, which is above Chief Government Valuer’s valuation of 
Rs.950 million.

According to the initial project proposal, the mixed development project would span across over 2.5 years with 65 percent of built-up area being allocated for office and commercial space and remaining floor area for residential purposes. 

LOLC plans to invest around Rs.13 billion in the project, and is expected to submit a detailed design plan at the time of signing the lease agreement with UDA. (NF)