COLOMBO- Sri Lanka is likely to begin the construction of its port city later in the year. The proposed Port City Development Project is developed at a cost of US$ 15 billion. According to a statement of the Sri Lanka Ports Authority SLPA, the construction is now due to start by the fourth quarter of the year. "Whilst the Sri Lanka Ports Authority has invested over US$ 3 billion on all present port development projects (that include Colombo Port Expansion Project, Magam Ruhunupura Mahinda Rajapaksa Port in Hambantota, Galle Port Development, Oluvil Port Project, Trincomalee and KKS Port Development Project), which would create ample investment opportunities for both local and foreign investors, the private sector has already committed to invest approximately US$ 3 billion in the Colombo Port City development project, South terminal, Hambantota free zone and Trincomalee industrial zone," the SLPA said in a statement.
Some 230 hectares of water front sheltered by the new breakwater will be set on reclaimed land across the capital. The investment represents approximately US$ 900 million and will come from a foreign investor.
The plan has been given approval by the Standing Cabinet Appointed Review Committee (SCARC). At the recently concluded international Seatrade Conference and Exhibition at the Hilton hotel in Colombo, Dr.Priyath B.Wickrama, Chairman of SLPA emphasized that the new district will be a major catalyst for tourists and locals. Colombo Port City will also integrate shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas, marinas and many other elements which will make the Port City the most modern part of the capital.
"These innovations will not only change the geography and outlook of Sri Lanka, but also extend immense strength to the government’s efforts to ensure continuity and dedication towards realizing the goal of making Sri Lanka, the most competitive and preferred maritime and logistics centre in the Asian region," the SLPA said.
Colombo New Port City construction was set to begin in March 2011 but ythe project has been delayed due to various circumstances. The reclamation will be carried out by China Harbor Engineering Corporation, who has been engaged by the investor. The construction of the port city is expected to be finished in 39 months, after starting in October 2012. Port City could then be ready to welcome its first visitors by in early 2016.