Main road alongside to be relocated:

Shangri-La Hotel pays premium price for land

by Shirajiv SIRIMANE

The premises of the Gangarama temple and the former Commercial Company would be converted into a recreation area and the existing main road would be relocated soon.

The Urban Development Authority (UDA) which is handling the project is also planning to acquire a further five acres of land adjoining the Nawaloka Hospital which was neglected to construct an alternative road which would link Staple Street.

UDA, Chairman Janaka Kurukulasuriya said that they are clearing the former Commercial Company premises at present.

A foreign investor has already presented a proposal to construct a 40 storey mixed development project at this venue while several local entrepreneurs too have shown a keen interest in this prime property opposite the Beira Lake which is on a 6.5 acre block and we are currently studying these proposals, he said.

The entrance of the Nawam Mawatha stretch will be made a four-way junction and a new road is being built adjoining the Nawaloka Hospital to replace the road up to the playground area. We are currently in the process of acquiring a further five acres for the project, he said.

The road stretch from Nawam Mawatha up to the Gangarama temple entrance would be used as a walk way for pedestrians. This would add value to the Commercial company property as it would have a direct view of the Lake sans traffic, he said.

He said that the Ganagarama perahera would use this route. The Beira Lake too would be developed with more recreational facilities.

Commenting on the investment on the Shangri-La Hotel chain he said that the property at Galle Face (Army headquarters) has been sold to them for US $ 125 million and added that this was one of the best prices received for a land sale of this nature, he said. The average price of a perch was around Rs. 8.5 million.