We are proud of Colombo Land and Rs. 600 m expansion – UDA Chairman

Monday, 18 February 2013 00:00 - - {{hitsCtrl.values.hits}}

Colombo Land and Development Company PLC which completed Sri Lanka’s first ever International standard shopping mall Liberty Plaza in 1982 laid foundation last week for a Rs.600 million expansion to the shopping mall under the patronage of Investment Promotions Minister Lakshman Yapa Abeywardena.

This event was also graced by MP Namal Rajapaksa, Chairman UDA Nimal Perera, and UDA Director General Nihal Fernando.

The minister also declared opened the new specialty multi cuisine restaurant at Liberty Plaza named “Seasons” which will be a first restaurant of its kind, all under one roof serving North/South Indian, Sri Lankan, western, and oriental cuisines.

The UDA Chairman Nimal Perera commended on the efforts of the Management of Colombo Land and stated that it has proven to be the most dynamic Associate Company of the UDA. He stated that the Colombo Land is performing beyond expectations of the UDA proving that a true private-public partnership can deliver an effective solution to solve urban development issues in and upwardly mobile society. Perera stated that the UDA is extremely happy and proud of the strategic and proactive approach CLDC is taking in these efforts.

CLDC was set up in early 80’s as public-private partnership between a Singaporean property development company Clarissa private limited and UDA for the purpose of undertaking infrastructure development projects. After completing Liberty Plaza in 1982 it also built the Peoples Park shopping complex in Pettah. Being a public listed company, 73% CLDC shares are currently held by Sri Lankan Institutes and individuals. UDA is one of the largest institutional shareholders with 17.5%.

While the Liberty Plaza expansion and the adjacent new Liberty Arcade shopping mall will create more retail space along the Duplication Road, the next major project of the CLDC will be the Liberty Square in Pettah. UDA Chairman stated that this joint project of UDA and CLDC will help the modernisation of Pettah and will result in a major transformation of the city’s outlook. UDA Chairman mentioned that there are several infrastructure development projects that have been undertaken by CLDC. These developments are adding great value to the urban development efforts of UDA spearheaded by Defence Secretary Gotabaya Rajapaksa.

Minister Lakshman Yapa Abeywardena mentioned that the role of BOI is to promote both foreign and local investments and to facilitate their work. CLDC is one of the few local companies that have entered into the property development sector with a clear vision. He requested all Government offices to support the private sector development activities avoiding the red tape which has become a major obstacle to the on going development activities.

Reflecting on the beginnings of the company the Chief Operating Officer Dharshan Jayadeva thanked the pioneering Singaporean investor, Ng Eng Ghee who brought in a substantial foreign investment to the Country to successfully complete the first ever international standards shopping mall the Liberty Plaza.

CLDC being a partner company of UDA is confident that it will able to meet all the set targets and add capacity to the city in order to become an efficient partner to make the Government vision of making Sri Lanka the ‘wonder of Asia.’