Stalled Beira Lake Project revived after past failures
The Government has made a fresh attempt to revive a much-talked-about mixed development project on a prime piece of land at No. 40, D.R. Wijewardena Mawatha, Colombo 10, following a series of failed attempts at attracting investors in the past decade by successive governments.
The property, which covers 3 roods and 13.85 perches of land and belongs to the Urban Development Authority (UDA), is available now for investment offers on a 99-year lease.
The move, sanctioned by the Cabinet, is part of a new vision to make the Beira Lake region a thriving commercial and recreational area, with an explosion in tourism through high-rise construction, green walks, and city recreational areas.
Although it has potential, the project has suffered from misfortunes. Previously, a number of high-profile projects never came into being.
In 2017, the then government cancelled a US$200 million luxury mixed-use resort by Queensbury Leisure Ltd, owned by billionaire business magnate Dhammika Perera, for failing to commence operations within the stipulated 48 months.
Similarly, Japanese real estate giant Belluna Co. Ltd, which invested Rs. 4 billion with local partner Asia Capital for a project on the same land, has reconsidered its stake, citing economic challenges and liquidity constraints in 2022.
According to UDA officials, the government will now accept proposals for hotels, malls, convention centres, and leisure spaces around the Beira Lake. A six-to-12 metre wide linear park, children’s play areas, water-based recreation, and cultural zones have also been proposed.
However, implementation still faces practical obstacles. The land, currently occupied by state entities including the Excise Department, CWE warehouses, and CW Mackie PLC, must be cleared before construction.
Some 320 unauthorised settlements in and around this area have already been evicted, with over 1,000 more to follow. Talks are also underway to relocate remaining government offices and warehouses.
The UDA is offering the land on a part upfront, part installment payment basis based on the Government Chief Valuer’s assessment.
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