While the Urban Development Authority (UDA) has plans to sell its former head office at D.R. Wijewardena Mawatha Colombo 10, properties along that road are being hunted by prospective investors, following a proposal by the UDA to zone this area for leisure and entertainment projects.
“We’ll be advertising our former UDA head office at D.R. Wijewardena Mawatha which has five acres by next year for development,” Nihal Fernando, Director General UDA told the Business Times.
He added that 2011 will also see many such UDA-owned lands in the market. “Whatever we want to develop will be advertised,” he added.
Aitken Spence Hotels PLC is eyeing the state-owned boat builder, Ceynor Foundation complex also in D.R. Wijewardena Mawatha for a 15-floor hotel project, according to company sources.
Other local firms are also said to be eyeing these prime properties.
Indian chains such as the Taj Group, Chennai-based Asiana Hotels Pvt Ltd and the budget hotels group, the Duet Hotels are interested in some lands down this road.
The Singapore-based Pan Pacific Hotels Group and the European Accor Hotels, which operates in 90 countries also, has initiated plans of ‘ideally’ joint venture partnerships with local hotels. |
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