The Cabinet has approved a proposal to call for investment proposals to develop a plot of land belonging to the Urban Development Authority (UDA) at Maradana Road, Colombo 10, on a 50‑year lease basis.

According to the government, at the Cabinet meeting held on 28 April 2025, a special committee was appointed to identify suitable development activities for UDA‑owned land not currently in use. 

The committee recommended that the Colombo 10 property, measuring 1 acre, 1 rood, and 12.4 perches, be developed as a mixed‑use project based on new innovations related to information technology.

Considering the proposal presented by the Minister of Urban Development, Cabinet approval was granted to invite investors to develop the site as a centre for producing intellectual technological innovations and services targeting the domestic market, with the involvement of Sri Lankan technologists. (Newswire)

The post Cabinet approves call for investment proposals to develop Colombo 10 land appeared first on Newswire.