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Port City investor pumps in $1bn for Financial City complex

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The Chinese investor which develops the Colombo Port City has already decided to invest US $ 1 billion in constructing a high rise building to house the proposed International Financial City, officials said yesterday. This is in addition to the original investment of US $ 1.5 billion for reclamation of land from the sea.

China Harbour Engineering Company builds the port city. It is an investment of US $ 1.5 billion for the reclamation of 269 hectares of land from the sea adjacent to the Colombo seaport.

It has registered a company named ‘CHEC Port City Colombo (PVT) LTD’. Project Director Nihal Fernando told the Daily Mirror that the investor would invest US $ 1 billion in two stages in addition to the original investment of US $ 1.5 billion to put up the building for the International Financial City.

It is slated to be a 40 to 60 storey building. Mr. Fernando said 45 per cent of land reclamation work had been done.

The land is reclaimed by filling it with sand dredged from two identified locations in the sea. Mr. Fernando said sea sand reclamation and breakwater construction would complete by June, 2019.

He said though any permanent construction could take place after that, there would some temporary structures to be built before that as the pavilion and sales gallery.

“That will happen in three months’ time. Besides, the permanent building will be constructed later by the Chinese party to house the international financial centre which the government is talking about. They have already worked out preliminary project details for it,” he said. (Kelum Bandara)

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