Officials attached to the Urban Development Authority (UDA) and the Ministry of Transport, Highways and Urban Development have carried out an inspection of the deteriorating Floating Market complex and surrounding Beira Lake development areas in Colombo on Friday (15).

According to the ministry, the Floating Market project, launched in 2014, included the construction of 92 shops that were leased to traders under five-year agreements managed by the UDA.

However, only around 16 shops are currently operating, while much of the complex has fallen into disrepair due to poor maintenance, authorities noted.

It was also noted that wooden and metal structures within the premises had significantly deteriorated, creating safety concerns for the public.

The pedestrian pathway linking Bastion Mawatha and D.R. Wijewardene Mawatha, commonly used by commuters accessing bus and railway services, was also found to be in an unsafe condition due to damaged railings and exposed metal structures.

Authorities further stated that the area had become poorly lit and vulnerable to illegal activities after electrical systems within the complex became non-operational.

The inspection also focused on broader development concerns surrounding the 65-hectare Beira Lake area, including environmental and public health issues linked to the lake.

Observations were carried out at the eastern and western sections of Beira Lake, as well as the Gangarama area, while officials also inspected the deteriorating suspension bridge and the “Kaladuwa Bubble Shade” structure located within the lake premises.

Deputy Minister of Urban Development Eranga Gunasekara and several officials from the UDA, Colombo Municipal Council and Land Development Corporation participated in the inspection. (Newswire)

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The Urban Development Authority (UDA) is reported to be preparing to lease the Pettah Floating Market to a Japanese investor for USD 160 million, it is reported.

According to reports, the investor plans to renovate the shops and the night market within the complex under the current arrangement. 

Discussions are still ongoing regarding compensation for the current shop owners.

It is also stated that the investor has already paid USD 16 million to the Urban Development Authority.

Former Urban Development Minister Anura Karunathilaka had met this investor during his tenure, and yesterday (25), senior UDA officials held a special discussion regarding the leasing.

The Pettah Floating Market was originally built in 2014 by the Mahinda Rajapaksa government at a cost of Rs. 344 million. It contains 92 shops, along with two large restaurants. Of these, 10 shops are located on Beira Lake.

In 2021, the UDA incurred an additional expenditure of Rs. 50 million. Due to reduced trade during the COVID-19 pandemic and the economic crisis, the floating market suffered losses, resulting in significant financial damage.

Although it was initially planned to attract tourists and sell local crafts and traditional food, when street vendors were allowed to operate there, attention to the project was lost.

Having operated for more than two years without maintenance, the Japanese investor now expects to completely renovate the market under a new plan.

It is also reported that the UDA has spent Rs. 14.9 million to produce a 20‑second promotional advertisement using a foreign announcer. (Newswire)

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Unidentified bodies have been found in two separate areas in the last 24 hours ending at 06.00 am today.

The Police said the body of a man was found in the lake near the floating market in Pettah, Colombo.

The body had been found this morning, while the Maradana Police is conducting investigations. 

Meanwhile, the bodies of two men were found near the Pulliyampokkane Bridge along the A-35 main road in Kilinochchi.

The Police said the bodies were found floating in the river close to the bridge, while Police investigations were underway. (Newswire)

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A Japanese Investor has shown interest in developing the floating market in Pettah as a tourist hotspot, Minister of Urban Development and Housing Prasanna Ranatunga said. 

According to Daily News, Minister Ranatunga said that the floating market in Pettah will be developed targeting foreign investments to Sri Lanka. 

He further said that the measure was taken following recent concerns raised over the management by the Urban Development Authority (UDA) of the floating market.

Minister Ranatunga said, therefore, steps were taken to advise the UDA to develop the floating market under a public-private partnership.

Pointing out that the government was unable to fund the project due to the economic crisis, the minister said the UDA had invited potential investors for the project, during which a Japanese investor had expressed interest. 

Minister Ranatunga added that it is expected to develop the floating market in Pettah as a Japanese city cum floating market. (NewsWire)

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