UDA to take over Cargo Boat properties for multi-storeyed car park

The Urban Development Authority (UDA) has taken action to acquire the properties owned by Cargo Boat Development Company PLC (CABO) in Fort to develop a multi-storeyed car park.
CABO in a stock exchange filing last week said that it had received a letter from the Megapolis and Western Development Ministry informing the decision.
The concerned properties are No. 35, 35 1/1 and 37, off Janadhipathi Mawatha, Colombo 1, which CABO too had purchased in 2010 to develop a multi-storeyed car park.
The properties total 16.75 perches and were valued at Rs.20.82 million.
Even though the CABO annual report for 2015 had listed the properties for the car park, the 2016 annual report had listed them for office space.
The properties are situated adjacent to the Renuka Building at No. 41, Janadhipathi Mawatha, Colombo 1, which is also owned by CABO, and is rented out for offices.
CABO Chairman R.B. Thambiayah had in his latest annual review said that beautification and increase of access to the former high security zone will allow the company to charge higher prices for office rentals.