Making an international effort to review the Bastian Road Colombo floating market, the Urban Development Authority roped in a Japanese investor Akita Hirose and a MoU was signed yesterday at UDA under the chairmanship of Nimesh Herath.
This would be for a 30 year period under a public private partnership. This floating mall was created during the Colombo beautification program in 2014 under UDA Secretary Gotabaya Rajapaksa with an investment of RS. 350 million and with expected 50% ROI in five years. However it never took off due to many issues and subsequent attempts by several other bodies too failed. There were 92 shop owners but almost 50% of them folded up as the project was not
viable. When President Gotabaya Rajapaksa was in power he reinvested Rs. 25 million but still it did not progress.The dilapidated status of the premises, stench from the lake and surrounding environment also drove away investors and guests and it was an eyesore for Colombo.
“As it is difficult to develop this with UDA money due to current economic constraints the UDA was entrusted to find an investor and we agreed to this by finding this Japanese inverter,” Herath said. The flooring market would be converted into a major tourist attraction with entertainment and this would be ready by the end of 2024.
