Land reclamation of Port City completed
The Ministry of Megapolis and Western Development states that land reclamation of the Chinese funded US$ 1.4 billion real estate development project, Port City has completed with constructions at the site due to commence shortly.
The completed Port City will have 269 hectares of reclaimed land, with 116 hectares being handed over to the China Communications Construction Company (CCCC), the parent company of China Harbor Engineering Company (CHEC).
The Sri Lankan Government will own the remaining land, out of which 62 hectares will be used to set up a Financial City and 91 hectares to be used as public spaces.
Once completed the land will be developed as a residential, retail and business destination. The development will comprise of five different precincts including the Financial District, Central Park Living, Island Living, The Marina and the International Island.
The developed city will function as a separately governed entity with its own economic and commercial laws to facilitate operations of global multinational corporations.
Last year, CHEC Port City Colombo Private Limited presented to the authorities the Development Control Regulations for the Colombo Port City Project, signaling for the Marketing Team to sell it as real estate.