Sri Lanka's real estate, tourism markets to be boosted by 1.4 bln USD port city

COLOMBO, Dec. 5 (Xinhua) -- Sri Lanka's real estate and tourism markets will be boosted by a 1.4 billion-U.S.-dollar port city project, a top official said here on Friday as the country aims to top 8 percent growth in 2015.

China Communications Construction Company (CCCC) has come forward to invest in the land filling process and will acquire 170 hectares from the total 233 hectare land area. CCCC subsidiary company China Harbor Engineering Company (CHEC) will handle the construction of the port city.

According to the Cabinet paper approved in November 2013, the Sri Lankan government will receive the remaining acres, which will be up for sale. The Sri Lankan government aims to grow the 60 billion U.S. dollar economy by 7.8 percent in 2014 and kick it up to 8 percent in subsequent years.

The iconic project will boost the real estate and tourism markets in Colombo CHEC Marketing Director Hao Chengsong noted speaking to Xinhua.

"In Colombo, the residents are nearly 600,000, and also about 2 million people are working here, but because of the lack of city housing, people have to spend 3 or 4 hours on the traffic," he said, insisting with increased levels of income more and more locals will be interested in investing in a home within the city. Known to be the single largest investment project in Sri Lanka, the port city will also have Sri Lanka's first 100-storeyed skyscraper under Phase II of its work.

This phase would include the construction of hotels, high rise buildings, and recreational facilities, shopping complex and golf course as well as a F1 track.

The port city will therefore be central to tourism development in the country as well.

It aims to increase current numbers of 1.3 million to 2.5 million arrivals by 2016. CHEC has also been given several high profile projects in Sri Lanka including a 1.2 billion U.S. dollar harbor, a 210 million U. S. dollar international airport and a southern highway extension project costing at least another 500 million U.S. dollars.