Sri Lanka’s Urban Development Authority (UDA) has published a Request for Proposals (RFP) from potential investors for the development of two colonial heritage properties.
According to the Daily News, the RFPs were issued from September 14 until November 2, 2023, for investors or developers interested in undertaking the establishment of mixed commercial development in this regard.
The UDA has issued an RFP for the renovation of the Building located at No. 11, Sir Baron Jayatillake Mawatha as a Mixed Commercial Development with a Tea Museum. Private sector partners have been invited to not only preserve this building but also utilise it for commercial purposes on a long-term lease basis. The estimated investment required from the private sector is approximately Rs. 500 to 800 million for the conservation and renovation of this historic structure.
Secondly, the Development of a High-end Boutique Hotel at No. 25, Independence Avenue, Colombo 07. In line with a decision taken by the Cabinet of Ministers, the property was vested with the UDA to open it to the public. This phase envisions the creation of a high-end boutique hotel, featuring 26 rooms, a pool, and advanced hospitality features. Potential investors and developers, both local and international, have been invited to participate in Phase Two of this transformative project through RFPs.
Potential bidders, including investors and developers, can obtain the RFP documents from the Real Estate Management and Development Division at the Urban Development Authority, 8th Floor, Sethsiripaya Stage I, Battaramulla. Additional information is available on the UDA website https://www.uda.gov.lk/investment-potential.html.
UDA Chairman, Nimesh Herath said the UDA receives numerous requests from world-renowned hospitality sector operators for amenities, particularly for foreign visitors who visit Sri Lanka. “Historical structures are popular among tourists due to their historical significance and unique identities. We have identified some of them for redevelopment. We will redevelop them via investments from foreign and local investors without compromising the location’s character,” he said.
The UDA believes real estate investments, especially in unique and historic locations, can provide a hedge against the economic crisis of the country and can also diversify an investment portfolio.
As part of its development project of dilapidated and historical buildings island-wide, the UDA recently completely refurbished and reopened colonial building 80 Club investing over Rs. 400 million.
It is also in the process of identifying and refurbishing the colonial period in Colombo and other main cities of the country such as Kandy, Nuwara Eliya, Galle, Matara etc. (NewsWire)
