Cabinet approves long-term leases for two BOI-backed projects in Kerawalapitiya

Wednesday, 18 February 2026 00:04 - - {{hitsCtrl.values.hits}}

Transport, Highways and Urban Development Minister Bimal Rathnayake

The Cabinet of Ministers on Monday approved the allocation of two land parcels in Kerawalapitiya, Wattala, for Board of Investment (BOI)-approved industrial and logistics projects, further advancing the development of reclaimed land owned by the Sri Lanka Land Development Corporation.

Around 400 acres of swampy land in the Kerawalapitiya area were previously developed at significant cost by pumping sea sand. A substantial portion of the reclaimed land has since been earmarked for nationally significant Government and BOI-approved private sector investments.

Under the latest approvals, 3 acres, 1 rood and 0.95 perches will be leased to Powertech Products Ltd., for 30 years to establish a factory manufacturing fibre cement corrugated roofing sheets, fibre cement flat sheets and related components for both domestic and export markets.

The project originates from a proposal by DHT Cement Ltd., with a new company—Powertech Products Ltd., incorporated in line with BOI requirements to implement the venture. The company plans to invest $ 7 million in the project. The lease has been granted subject to a one-time payment of Rs. 272.20 million and an annual nominal lease rental of Rs. 83,500.

In a separate approval, a land parcel measuring 3 acres, 2 roods and 25.63 perches has been allocated to MAS Freight Wave Terminal Ltd., a newly established entity under BOI regulations, to develop a warehouse supply complex in Kerawalapitiya. The proposal was submitted by M.A.S. Consolidated Ltd., which is engaged in supply and warehouse operations.

The lease for the logistics project has also been granted for a 30-year period, subject to a one-time payment of Rs. 305.99 million, payable in two installments and an annual nominal lease rent of Rs. 90,000.

Both resolutions were presented to the Cabinet by the Transport, Highways and Urban Development Minister Bimal Rathnayake.