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Sri Lankan Economy Gains More Traction As Colombo Intensifies Infra, Property Projects

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Sri Lanka is clear on its grand plan to wipe out poverty, pursuant on the intention to put its booming economy on spotlight and that it’s gaining traction even more. Foremost of the national government’s ongoing “regeneration” efforts is to restore the capital Colombo to its former glory. The city is currently the subject of a structural makeover and accelerated modernisation efforts.

The chief goal for economic planners is to move swiftly from the ills of the past and create a favourable setting for thriving business activities. The regeneration blueprint calls for the creation of “a dynamic environment for businesses and investors,” according to Minister Patali Champika Ranawaka.

Ranawaka is at the helm of the ambitious Western Region Megapolis project that aims to replicate the economic miracle cities of Singapore, Hong Kong, Tokyo and Dubai. The blueprint for the Mega City, which is focused on the economic development of Sri Lanka’s Western Province, will see it commencing operations by 2030.

“We are working continuously to improve and enhance the conducive ambiance through the implementation of the Megapolis masterplan,” Ranawaka was quoted by Property Report as saying.

A core element of Ranawaka’s plan is the eradication of Colombo’s slum areas, which going by the estimates provided by the World Bank is a social disease inflicted on tens of thousands of Sri Lankans.

Things Are Moving Fast

However, the national government is looking to alter the picture, and in a fast-tracked mode. Already, 30,000 affordable housing units are being constructed as part of the plan to relocate thousands of informal settlers living in the pockets of shanty towns in Sri Lanka.

It bears noting that the solution is now halfway in pace as Colombo indicated that up to 70,000 city residents have been identified for resettlement. In addition, Ranawaka is working on an intervention initiative that will improve the lot of the thousands of urban dwellers in the 448-hectare Beira Lake.

The transformation of Colombo and the supporting infrastructure projects are seen to encourage the inflow of business investments, specifically of property developments, and therefore leading to increased economic activities.

Real Estate Boom

Among the solid indicators of the latter are the twin skyscrapers, dubbed as Altair, which will rise in Beira Lake and with the firm Indocean Developers taking charge. Likewise prodded by the government initiative is the Sanken Group, which will build the Capitol TwinPeaks residential condominium building that will have a commanding view of the same lake as its key features.

These indicators serve as glaring proofs to a booming economy that has greatly benefitted Sri Lanka’s infrastructure programs as well as its real estate sector. Such can only be expected as the South Asian nation continues on its march to achieve middle-income status in the near future, the report stated.