Press briefing of Cabinet Decision taken on 2023-11-20 (Subject to Confirmation at the next Meeting)

Development and maintenance of “Old Cey-Bank building and land” located at Queen Elizabeth Mawatha, Nuwara Eliya

- Competitive investment proposals have been called from private sector investors to redevelop and maintain the old Cey-Bank Rest building and the land located at Queen Elizabeth Mawatha, Nuwara Eliya, which is belonging to the Urban Development Authority. After evaluating the proposals submitted, based on the recommendation made by the Standing Cabinet Appointed Negotiating Committee, the proposal made by the Minister of Urban Development and Housing to lease out the relevant property to Colonial Properties Private Limited., for a period of 50 years, was approved by the Cabinet.