UDA, Indocean to convert Beira land to walkways

by Sapumali GALAGODA

The Urban Development Authority (UDA) and the Indocean Developers Private Limited will convert the property along Sir James Peiris Mawatha, Colombo 2 where the Colombo Commercial Company (CCC) was located, overlooking the Beira Lake, into a promenade, in keeping with the Governments development plan.

One of the largest private sector development projects with an investment of $ 400 m, it will blossom into a key tourist attraction. Under the project Sir James Peiris Mawatha will be transformed into a promenade like street filled with high end retail stores, cafes, restaurants, spas coupled with premium residences with vistas of the Beira Lake and the Indian Ocean.

The Indocean Developers has obtained the two- acre property on a 99 - year lease from the UDA for $ 32m upfront, and the project will be completed within three-and -a- half years.

"This location will have no vehicle access and will provide the people to stroll along the road at leisure, enjoying the beauty of the city and its surroundings" said UDA chairman, Janaka Kurukulasuriya.

He said, "We are delighted that Indocean has come to create a concept which had been a dream to achieve in Sri Lanka, with their expertise and international reputation." Indocean has 150 years of real estate development experience with more than 10 million square feet of development to its credit.

The company mainly does business in Kolkatha, India and this is their first project outside India.

The company is working with best world renowned architects such as Moshe Safdie of the Marina Bay Sands Hotel fame, Singapore and other globally reputed architects, landscape architects, MEP engineers and interior designers.