📈 Cabinet Approves 99-Year Lease for Kottawa Mixed-Use Project

The Sri Lankan Cabinet has greenlit a plan to lease a prime 1-acre state-owned land parcel in Kottawa to a private investor for a duration of 99 years. This move aims to unlock the commercial value of underutilised urban assets. • Strategic Location: The land is situated along the High Level Road in Kottawa town, falling under the Maharagama Urban Council in the Colombo District. • Project Scope: The site is designated for a mixed development project, selected for its high commercial potential and strategic positioning within a key transit corridor. • Regulatory Process: Originally a UDA (Urban Development Authority) property, the development follows recommendations from a Cabinet-appointed Special Committee. Investment proposals will be sought through formal government procurement guidelines. • Economic Context: This initiative reflects a broader policy of leveraging idle state land to stimulate urban development and private sector investment. _Status: Based on Cabinet-approved proposal._