CCCC to invest US $ 2.5b to develop land:

Reclamation work on Port City project to begin soon

by Naalir Jamaldeen

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.