The land reclamation of Colombo Port City (CPC) is scheduled to be completed by June next year as the land filling is nearing 90 percent completion while the breakwater construction is expected to restart in September-October this year, following the monsoon season.
Addressing KMPG Sri Lanka’s launch of the first international real estate market report this week, CHEC Port City Colombo (Pvt.) Ltd Chief Sales and Marketing Officer Liang Thow Ming said, “The work has been progressing on land filling but not on the breakwater construction because of the monsoon. We will restart the work on the breakwater in the September-October period.”
He also revealed that phase one of the city infrastructure constructions commenced last month, which included the work of the International Financial Centre (IFC) and Marina; their infrastructure construction work is scheduled for completion by end-2020.
Speaking to Mirror Business, CPC Project Director Nihal Fernando said that the sales gallery of CPC would officially be launched in October.
He noted that the 74 developable sites in CPC are currently being promoted to potential investors by CHEC Port City Colombo (Pvt.) Ltd.
Under phase one, 58 hectares of saleable land, out of 269 hectares of the reclaimed land, are expected to come into the market.
The IFC is expected to be launched in 2023, while the beach, central park and Marina are scheduled be launched in 2021.
KPMG noted that an oversupply in Sri Lanka’s real estate market from CPC developments is unlikely as the supply to be added to the real estate market in a phased out manner. KPMG also expects that the CPC developments will enhance the land prices in the Colombo Business District area.
Ming was confident that CPC would be able to attract high-net individuals in the region, who are within the reach of 3.5-hour flight.
CHEC Port City Colombo (Pvt.) Ltd has already invested US $ 1.4 billion in land reclamation in the port city and is expected to attract investments worth US $ 13 billion for real estate development. The CPC project is expected to be completed by 2041.
CHEC Port City Colombo (Pvt.) Ltd, a wholly-owned subsidiary of China Harbour Engineering Company (CHEC), is the developer set up to undertake all master planning, land reclamation and infrastructure work for the project. CHEC is part of China Communication Construction Company Limited. (NF)