August 2022, Colombo: This report covers the activities of the Colombo Port City project from January to June 2022, shared by the Colombo Port City Economic Commission (CPCEC/Commission).
Development Control Regulations (DCR) for the entire project were gazetted in April 2022 and an awareness programme on them was conducted by the Commission for Government officials in June 2022. The DCR informs developers, residents, investors, and other stakeholders of the composition and use of the plots in the planned city.
Key Regulations have been finalised which are Businesses of Strategic Importance, Offshore Companies, Authorised persons, Duty-Free retail operations, Fees and DCR. These key regulations were completed, together with international consultants, with the development of suitable draft policies and procedures for identified thrust sectors, designed with extensive benchmarking studies to best-in-class regulations in fiscal and non-fiscal areas. Additionally, an expedited approval for Investor Agreement and Licensing processes for Potential Investors and Authorised Persons have also been completed.
The Commission has now received 42 out of the 74 plots technically completed by the Project Company, for which Completion Certificates have been issued to the Project Company.
Out of the 34 Project Company marketable land plots granted to the Project Company on a 99-year lease basis, 6 plots were released back to the Commission by the Project Company and the Commission granted 6 fresh Indenture of leases for a 99-year period to the investors valued at approximately USD 200 million. The Investors have projected a collective investment commitment of USD 600 million.
The region’s first Downtown Duty-Free (DF) Mall infrastructure work is now complete and interior fit-out will begin soon. Colombo Port City Duty-Free Regulations have been drafted and are awaiting Cabinet approval. The facility will be operated by two of the world’s leading DF operators, positioning Colombo Port City as a regional shopping destination.