Port City Colombo marks 7th anniversary with vertical development set to commence

Source:Island

Port City Colombo, the largest and most ambitious development project ever undertaken in Sri Lanka, proudly marks its 7th anniversary since the initial land reclamation work commenced in 2014.

During this period, the project has committed USD 1.4 billion of foreign direct investment to Sri Lanka for initial reclamation and internal infrastructure development. The project is expected to attract USD 15 billion in the 25 years of its development phase.

Last year, China Harbour Engineering Company (CHEC) and Browns Investments PLC announced their joint venture of the first vertical development at Port City Colombo – the Colombo International Financial Center (CIFC). CHEC, as the leading partner, recently entered into a Cooperation Term Sheet to begin development work on the CIFC Mixed Development Project. This will be the first of many landmark development projects planned for Port City Colombo. China Harbour Engineering Company and its partners will further enter into an investment agreement with the Government of Sri Lanka shortly with the aim of commencing development work before the end of 2021.