Press briefing of Cabinet Decision taken on 2022-01-24

Implementation of a High-Rise Development Project in the land belonging to the Urban Development Authority at Cotta Road, Rajagiriya

- Investment proposals have been invited on competitive basis for the land in extent of 01 acre 01 roods and 9.29 perches, at Cotta road, Rajagiriya which has been transferred to the Urban Development Authority, under Design, Build, Finance, Own Operate and Transfer basis. Accordingly, the Cabinet approved the proposal made by the Hon. Prime Minister in his capacity as the Minister of Urban Development and Housing for granting the said land to LOLC Investment Holdings Two (Pvt.)Ltd., which is a subsidiary company of the LOLC Holdings PLC., on long term lease basis, to utilize the said land for implementation of a High-Rise Development Project, based on the recommendation made by the Standing Cabinet Appointed Negotiating Committee of the State Ministry of Urban Development, Waste Disposal and Community Cleanliness and the Board of Management of the Urban Development Authority to implement.