Another prime site for a small hotel development or a villa – project. The site is located at Wadduwa close to some of the famous hotels in the area. The proximity to the airport and Colombo is another advantage. Good access to all facilities.
(1st adjacent porperty: http://lankaestate.net/listing.php?list_id=114)
(2nd adjacent property: http://lankaestate.net/listing.php?list_id=115)
Sri Lanka’s post war development continues at a rapid pace. With new construction projects, renovation and development projects currently underway around the country, the face of Sri Lanka is changing. The latest addition to this change effect is the City of Slave Island.
Slave Island is a highly commercialized Suburb located directly south of the Fort area in Colombo. The name “Slave Island” dates back to the colonial times when the Portuguese, Dutch and ultimately the British ruled the island. The slave island area used to house slaves mostly from Africa brought in as slave labor and in some cases as mercenary troops to help quell local rebellions and raids carried out by Sri Lankan kings. Today, Slave island is a commercial and recreation hub in western Sri Lanka with a multitude of commercial establishments such as hotels and shopping centers located directly within the slave island area.
It is due to this very reason that the Sri Lankan board of investment (BOI) has signed an agreement with a Pakistani real estate development company Imperial Builders (PVT) LTD. The agreement dictates that the company will be responsible for the renovation and development of 525 perches of land in and around the Slave Island area of Colombo.
The project dubbed “Slave Island Station Passage redevelopment Program” is set to commence with a USD 60 million investment by Imperial Builders. The project is aimed at construction of high density “Flat-Style” apartments as quarters for the families of employees of the railway department and as accommodation for families who lost their homes due to other development projects carried out in and around the city of Colombo. The project is also considered as another step in relocating communities living in shanties. These families occupying private and state property will be given modern apartments with more living space and better sanitation.
The chairman/director of the BOI, M M C Fernando stated that the project “Provides an insight into the important role that the BOI can play in addressing social issues in addition to developing the country.” He further went on to say that this project can not only bring about better housing for people living in shanty towns but also add to the potential of transforming the city of Colombo into a modern and well planned city, by the introduction of modern construction.
Read part II