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The Cabinet of Ministers on Monday approved to call for investment proposals for a prime land parcel located at No. 40, D.R. Wijewardena Mawatha, Colombo 10.
The land extending three roods and 13.85 perches is currently owned by the Urban Development Authority (UDA). It will be offered to investors on a 99-year lease basis to develop a mixed-development project that aligns with UDA’s planning and development objectives.
Speaking at the weekly post-Cabinet meeting by media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the investment call will be based on an updated land valuation conducted by the Government Chief Assessor.
The move is seen as part of a broader Government initiative to use underutilised State-owned lands for productive economic activity with a focus on boosting employment, developing infrastructure and boosting long-term investment in urban areas.
The proposal submitted by Urban, Development, Construction and Housing Minister Aruna Karunathilake was approved by the Cabinet of Ministers.
