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Colombo - In response to the delays in several high-profile urban development projects like Colombo Hyatt Hotel, State Minister for Urban Development and Housing, Arundika Fernando said If an appropriate investor does not emerge, the government is prepared to proceed with completion with the assistance of the armed forces, with financing from the treasury.
He noted that valuable government land had been allocated for ventures such as the Colombo Hyatt Hotel, Krrish, and Destiny projects; however, investors have abandoned these projects, leaving them incomplete.
“The Colombo Hyatt Hotel project has particularly strained public resources, with USD 60 million in public funds already invested and an outstanding debt of USD 35 million. This project occupies a significant plot of land in Colombo,” he pointed out.
As such, Minister Fernando emphasized that if new investors do not step forward, the government is ready to take over the completion of these projects.
