Monday Aug 10, 2026
Monday Aug 10, 2026
Monday, 10 August 2026 00:20 - - {{hitsCtrl.values.hits}}
The Government has called for expressions of interest (EOIs) to unlock the value of several State-owned heritage bungalows in Colombo 5.
The Finance, Planning and Economic Development Ministry is inviting visionary investors to participate in an exciting Government initiative to unlock the economic value of a portfolio of prestigious State-owned bungalows situated in the highly sought-after Colombo 5 neighbourhood.
Through a transparent National Competitive Selection Process, investors are invited to submit innovative proposals for the adaptive reuse, refurbishment, operation, and maintenance of these unique properties under 30-year lease agreements, while ownership of the land and buildings remains with the Government of Sri Lanka.
This initiative forms part of the Government’s broader strategy to promote private sector investment, stimulate tourism, revitalise underutilised public assets, and create sustainable economic opportunities. The bungalows are located in Stanmore Crescent, Paget Road, and Skelton Road, all in Colombo 5.
The Finance Ministry said these architecturally distinctive properties, located in one of Colombo’s most prestigious residential precincts, present exceptional opportunities for investment in boutique hotels and heritage accommodation, signature restaurants and fine dining, cafés and lifestyle establishments, tourism-oriented retail concepts, and/or premium hospitality ventures.
Investors are encouraged to introduce innovative business concepts that preserve the heritage character of these properties while creating vibrant commercial destinations that enhance Colombo’s tourism and urban landscape.
Proposals for each property will be evaluated independently, and investors may submit proposals for one or more properties.
In stressing the attractiveness, the Government said the bungalows are situated within one of Sri Lanka’s most desirable commercial and residential districts. Additionally, the private sector has long-term investment security given the 30-year lease tenure, providing certainty for investment and business growth.
The bungalows are also ideal for boutique hospitality and dining and lifestyle experiences catering to both local and international visitors.
Assuring competitive and objective evaluation ensuring fairness and equal opportunity in the selection, the Finance Ministry is inviting the private sector to be part of a national initiative to revitalise public assets while contributing to sustainable economic development.
The Finance Ministry website, https://www.treasury.gov.lk/news#latest, has guidelines for proposal submission, including eligibility criteria, property information, and application forms.
Interested parties can view the properties on 12 August at 10 a.m., and the deadline for proposals is 25 August.
