The Government has reopened investment opportunities for a high-value mixed development project at No. 40, D.R. Wijewardena Mawatha, Colombo 10, following a decade of failed investor attempts. The 3-rood, 13.85-perch land owned by the Urban Development Authority (UDA) is being offered on a 99-year lease, with Cabinet approval under a broader plan to transform the Beira Lake area into a commercial and leisure hub. Proposals are invited for hotels, malls, convention centres, and recreation zones, supported by improved green spaces and waterfront facilities. However, progress hinges on relocating state offices and resettling over 1,000 unauthorized dwellings still occupying parts of the site. The project has previously seen setbacks, including the cancellation of a US$200 million resort by Queensbury Leisure Ltd. and the withdrawal of Japan’s Belluna Co. Ltd. in 2022. Officials say stable policies and investor confidence will be key to finally realizing the Beira Lake vision.
