Press briefing of Cabinet Decision taken on 2016-01-27

Allocation of the Waters Edge Hotel Premises at Battaramulla to M/s Waters Edge Ltd.

- The “Waters Edge Limited” was incorporated as a fully owned subsidiary company of the Urban Development Authority (UDA) in 2009, for the maintenance and development of the Waters Edge premises, vested with the Authority in accordance with a judgment of the Supreme Court. A new company fully owned by the UDA was established in 2014 by the name of 'Waters Edge Hotel Developers Limited', for the purpose of constructing and developing resident hotel facilities including a condominium complex, in the Waters Edge premises. The contract for the construction has been awarded to a private company selected through Tender procedure. Although the relevant contractor had started on the construction work, at present the said work has been suspended. The new Board of Directors of the Waters Edge Limited has decided to resume the above construction project. Accordingly, the proposal made by Hon. Patali Champika Ranawaka, the Minister of Megapolis and Western Development, to allocate the hotel premises of the Waters Edge, in extent of 23 Acres - 01 Rood and 36.05 perches, to M/s Waters Edge Ltd. on a 99 year lease term and transfer the contract of the construction with the relevant private company, to the M/s Waters Edge Ltd. for the new construction, was approved by the Cabinet.