Port City to catalyse  investment in Sri Lanka

Port City to catalyse investment in Sri Lanka

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Colombo welcomes 269 new hectares of prime real estate

Sri Lanka’s multi-billion dollar Port City Colombo is now open for business. Five years into its making, the reclamation of land is complete, and the project company is directing their energy towards making it commercially viable. The new city is positioned not only as an immense draw for Colombo’s central business district but also as a catalyst for investment in Sri Lanka.

At a ceremony to mark the project’s entry into the second phase of construction, at the newly constructed sales gallery, on the reclaimed land, Port City Colombo was issued a commemorative stamp and a first day cover. Prime Minister Mahinda Rajapaksa was the Chief Guest at the ceremony. He was accompanied by the Chinese Ambassador to Sri Lanka Cheng Xueyuan.

In a special interview given on the sidelines to the launch, Tang Qiaoliang, President of China Harbour Engineering Corporation (CHEC), parent company of CHEC Port City Colombo, said, “The timing of the launch of Port City is significant because this is the era of development for South Asia. Asia as a whole has been developing in waves, from the end of the Second World War to the present day, and this is the final stage. With India’s economy booming, other South Asian countries have begun to follow, and now, Sri Lanka is on the verge of taking that quantum leap in economic development.”
Port City Colombo is a unique development project not only for Sri Lanka and its people but for the entire region. It will be a game changer that will have a significant impact socially, economically and environm entally.

Benchmarking international standards, Port City launched Development Control Regulations (DCR) in 2018. The DCR has a detailed plan to be followed in all areas such as Urban Design, Utilities, Landscape and Sustainability, which are compulsory for all developers within Port City.

Tang further stressed on the global connectivity and local essence intrinsic to the project, which he said comes from it being a part of China’s Belt and Road Initiative. He said that the new city needed to be looked at as an opportunity, because it not just connects Sri Lanka to China, but connects the island to the entire world. While many would see it as globalisation, the president of CHEC says the project was a true example of glocalisation, where it thinks local, and acts global.

“Every Sri Lankan must know that even though we are marketing this as an international city it is first and foremost, a Sri Lankan city. Today, we celebrate the vesting of this plot of 269 hectares of land as a part of Sri Lanka. And every bit of the strategy we employ has first to be connected to what is Sri Lankan. It is from this platform that we can act global – from marketing to investments, to lifestyle and sustainability.”

Port City will soon be investing in the first building to come up on the new land, which would be the Colombo International Financial Centre (CIFC) complex.