By Azhar Razak
Following the example set out by the Urban Development Authority (UDA), Sri Lanka Ports Authority (SLPA) is likely to opt for a debenture issue to fund the much exaggerated ‘Port City’ project, which plans to change Sri Lanka’s map.SLPA, which is in charge of building a new ‘port city’ adjacent to Colombo’s Galle Face Green, is expected to raise part of the required funding for the project through a debenture issue, of which the number are yet to be disclosed, a source close to the project said. The rest of the funds are expected to be raised through foreign borrowings, the source added.
UDA, another state run organisation successfully issued debentures to the Colombo Stock Exchange recently to raise Rs.5 billion to fund a housing project in the city of Colombo.
The proposed US $400 million ‘Port city’ project, which aims at expanding out to sea on reclaimed land with material dredged to build the Colombo South Harbour will add a further 300 acre land to the city’s western sea front.
“We are hoping that the project will kick off by at least the middle of next year and take around two to three years to complete,” SLPA Chief Engineer Planning and Development, Susantha Abeysiriwardena told The Bottom Line. He, however, declined to disclose anything material regarding the financial side of the project.
According to Abeysiriwardena, the sea is to be dredged up to one and a half kilo metre distance from the shore and would remain in parallel horizontally with the vertical length of the existing breakwater that is being built adjacent to the site, when complete.
“It has been projected that out of the 300-acre land that we can reclaim, around 200 acres will be utilised as useful area providing the basic infrastructure while the remaining 100 acres could be used to construct the high rise and low rise buildings for a commercial centre,” Abeysiriwardena said.
Sources said that Lanka Hydraulics Institute, providers of hydrographic and modelling services and the Moratuwa University are also involved in the planning.
Also envisaged is the extension of the Marine Drive (a road running parallel to the main Galle Road) from the Colpetty municipal ward into the land reclaimed from the sea, providing another approach road into the city.
http://www.thebottomline.lk/2010/10/31/page1.html
Following the example set out by the Urban Development Authority (UDA), Sri Lanka Ports Authority (SLPA) is likely to opt for a debenture issue to fund the much exaggerated ‘Port City’ project, which plans to change Sri Lanka’s map.SLPA, which is in charge of building a new ‘port city’ adjacent to Colombo’s Galle Face Green, is expected to raise part of the required funding for the project through a debenture issue, of which the number are yet to be disclosed, a source close to the project said. The rest of the funds are expected to be raised through foreign borrowings, the source added.
UDA, another state run organisation successfully issued debentures to the Colombo Stock Exchange recently to raise Rs.5 billion to fund a housing project in the city of Colombo.
The proposed US $400 million ‘Port city’ project, which aims at expanding out to sea on reclaimed land with material dredged to build the Colombo South Harbour will add a further 300 acre land to the city’s western sea front.
“We are hoping that the project will kick off by at least the middle of next year and take around two to three years to complete,” SLPA Chief Engineer Planning and Development, Susantha Abeysiriwardena told The Bottom Line. He, however, declined to disclose anything material regarding the financial side of the project.
According to Abeysiriwardena, the sea is to be dredged up to one and a half kilo metre distance from the shore and would remain in parallel horizontally with the vertical length of the existing breakwater that is being built adjacent to the site, when complete.
“It has been projected that out of the 300-acre land that we can reclaim, around 200 acres will be utilised as useful area providing the basic infrastructure while the remaining 100 acres could be used to construct the high rise and low rise buildings for a commercial centre,” Abeysiriwardena said.
Sources said that Lanka Hydraulics Institute, providers of hydrographic and modelling services and the Moratuwa University are also involved in the planning.
Also envisaged is the extension of the Marine Drive (a road running parallel to the main Galle Road) from the Colpetty municipal ward into the land reclaimed from the sea, providing another approach road into the city.
http://www.thebottomline.lk/2010/10/31/page1.html
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