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Employees' Trust Fund is looking to forge a public-private partnership arrangement to develop two of its prime properties in Colombo. According to ETF Chairman, Dinesh Weerakkody, the ETF intends to develop the two prime properties currently owned by the ETF Board situated at Navam Mawatha, 388 perches in extent, and at C. W. W. Kannangara Mawatha, 80 perches in extent (next to ODEL).

It is proposed to develop the two properties on a public-private partnership arrangement by inviting prospective developers to submit proposals taking into consideration the potential value of the properties and demand for future commercial requirements.

Sources within the ETF say the property at Navam Mawatha would be an ideal location for a 'city business hotel' to cater to all seasons since the government is expecting a huge growth in tourist arrivals in 2004. Analysts say Sri Lanka will be faced with a shortage of hotel rooms in the next 2 to 3 years, thus a new hotel will ease the pressure at least in the city.

Unfortunately due to climate of fear, the tourism sector went through a difficult period, which is reflected in the fact that not a single hotel has been constructed in Colombo during the last 20 years.

According to Weerakkody, the property at C. W. W. Kannangara Mawatha, next to ODEL, would be an ideal location for a multi-facility modern retail shopping mall combined with modern apartments, however with adequate facilities for vehicle parking, as the area is getting congested, he added.

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