The SLPA will oversee the reclamation project, which will be divided into three segments namely business, residential and leisure. A minigolf course, a Formula One race track, a small yacht marina and areas for water sports will be created.
The Galle Face reclamation project was first announced by President Mahinda Rajapaksa at the ruling UPFA’s 2010 May Day rally. The SLPA initially said that the funding of the project would be carried out through a US $ 1 billion bond issue.
Construction work on the project will be carried out under the supervision of the Urban Development Authority, Colombo Municipality, relevant ministries and the Archaeological Department.
Certain other Chinese companies have also secured lucrative Sri Lankan contracts for infrastructure and other projects including the harbours in Hambantota and Colombo, with the government seen to be favouring Chinese entities over others.