Investors can anticipate the release of lands valued at Rs 10.5 billion next year, as announced by Minister of Urban Development and Housing, Prasanna Ranatunga, during today's parliamentary session.
Addressing the committee stage debate on the budget, the Minister highlighted that lands amounting to Rs 7.5 billion have already been made available to investors this year. Emphasizing a strategic approach, he stated, "We have opted to release land through long-term payment plans."
Furthermore, the Minister shared specific details about two prominent properties that have already been released to investors. "Visumpaya Colombo and the President's house in Jaffna have been allocated to investors. Visumpaya is slated for transformation into a luxury hotel, while the President's house in Jaffna is earmarked for conversion into an IT campus."
In a financial update, Minister Ranatunga disclosed that the Sri Lankan government has generated US $600,000 from the sale of houses in dollars. Notably, these properties have been acquired by Sri Lankan expatriates residing abroad. Asserting a continuation of this approach, the Minister affirmed, "We will persist in selling houses in dollars."
The overall outlook suggests a proactive approach by the government in facilitating investments and optimizing the utilization of valuable properties.
