A boom in Commercial Development - Colombo, Sri Lanka


WEBWIRE – Tuesday, July 26, 2011

LankaEstate.Net is a registered real estate agent in Sri Lanka which has a database of hundreds of properties and land in crucial commercial areas where huge urban development projects are now starting.

After the end of the devastating civil war which ravaged the nation for almost thirty years, Sri Lanka has finally begun its war of national development. This leads to remarkable incentives, and tax cuts given out to potential investors by the government of Sri Lanka. As a result of this Sri Lanka has become a haven for investors local and foreign, especially in the sector of infrastructure development.

During the immediate post war period, the focus of the state was to develop the north and east, which was held under rebel control and had been utterly decimated by war. This leads to the complete reconstruction of Schools, Water Towers, Bridges and other structures necessary for civilian administration.

Now, some of the focus has shifted to the capital city Colombo. Understanding the fact that Sri Lanka is fast becoming a tourist hot spot, the relevant authorities have taken steps to give the capital a face lift in the form of major restoration and development projects with the aim of transforming the city of Colombo into an International Business Center and Financial Hub Integrated with tourism and accommodation facilities.

The Urban Development Authority has laid down some effective and efficient strategies to achieve this objective.

They are:
Expansion of the Colombo Port
Shifting of Administrative functions from City of Colombo
Relocation of Industrial and Ware Housing Activities
Reestablishment of Defense related activities
Urban Renewal and regeneration of the existing city nodes
New housing for underserved settlement within the city
Urban Environmental Improvement programs blended with City greenery
High density housing development
Improvement of infrastructure service and social infrastructure
Improvement of road infrastructure and introduction of new modes of transport

The Action program consists of many components some of them are mentioned below:

Panchikwatte Triangle Development
Construction of Sethsiripaya Administrative Complex Stage II
Development of Independence Square & Its Surrounding Green Development Project

These projects provide ample opportunities for investors both foreign and domestic, with the requirement for investors as well as infrastructure developers and construction professionals; Sri Lanka has become a treasure trove of investment opportunities.



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