📈 UDA Leases Pettah Floating Market for $160 Mn

• The Urban Development Authority (UDA) is proceeding with plans to lease the Pettah Floating Market Complex to a Japanese investor in a deal valued at US$ 160 million. • The investor intends to refurbish the retail outlets and revive the night-market concept, undertaking a full upgrade of the facility. • The UDA has already received an initial payment of $16 million. Talks are currently underway regarding compensation for existing shop-holders. • Context: The six-acre complex, developed in 2014 at a cost of Rs. 344 million, features 92 shops (10 over Beira Lake). • The lease follows a period where the complex suffered losses due to low footfall during the pandemic, the subsequent economic downturn, and a lack of maintenance for over two years.