UDA, Indocean to convert Beira land to walkways
The Urban Development Authority (UDA) and the Indocean Developers
Private Limited will convert the property along Sir James Peiris
Mawatha, Colombo 2 where the Colombo Commercial Company (CCC) was
located, overlooking the Beira Lake, into a promenade, in keeping with
the Governments development plan.
One of the largest private sector development projects with an
investment of $ 400 m, it will blossom into a key tourist attraction.
Under the project Sir James Peiris Mawatha will be transformed into a
promenade like street filled with high end retail stores, cafes,
restaurants, spas coupled with premium residences with vistas of the
Beira Lake and the Indian Ocean.
The Indocean Developers has obtained the two- acre property on a 99 -
year lease from the UDA for $ 32m upfront, and the project will be
completed within three-and -a- half years.
"This location will have no vehicle access and will provide the
people to stroll along the road at leisure, enjoying the beauty of the
city and its surroundings" said UDA chairman, Janaka Kurukulasuriya.
He said, "We are delighted that Indocean has come to create a concept
which had been a dream to achieve in Sri Lanka, with their expertise and
international reputation." Indocean has 150 years of real estate
development experience with more than 10 million square feet of
development to its credit.
The company mainly does business in Kolkatha, India and this is their
first project outside India.
The company is working with best world renowned architects such as
Moshe Safdie of the Marina Bay Sands Hotel fame, Singapore and other
globally reputed architects, landscape architects, MEP engineers and