CCCC to invest US $ 2.5b to develop land:
Reclamation work on Port City project to begin soon
The reclamation work of the Colombo Port City project which was
launched on September 17 during the visit of Chinese President Xi
Jinping, is expected to begin soon. The area to move machinery and
equipment has been reclaimed so far.
China Communications Construction Company (CCCC) is the investor in
the project. The estimated cost of the project is US$ 15 billion, a
spokesman for the Investment Promotion Ministry told the Sunday
Observer. The project will be a gateway to attract more tourists to the
country, according to the spokesman.
The reclamation work will be carried out by China Harbour Engineering
Corporation. The investor is expected to bring in another US $ 2.5
billion to develop the reclaimed land. The balance will be sold on a
99-year lease to potential investors, he said.The spokesman said that
230 hectares will be reclaimed and the work is expected to be completed
in eight years.The plan has been approved by the Standing Cabinet
Appointed Review Committee (SCARC) and the Port City will include roads,
water, electricity, communication facilities to set up shopping areas,
water sports area, mini golf course, hotels, apartments, recreation
areas and marinas, according to the spokesman.
Master Divers was given the contract to submit a soil report for the
project.It conducted underwater surveys and other tests to locate the
site for the project and the construction of the island, he said.