A trilateral agreement was signed in August 2016 between the Sri Lankan Government, Urban Development Authority and the locally incorporated CHEC Port City Colombo (Pvt) Ltd.
As per the agreement, steps have been taken to fill 440 hectares of land and CHEC Port City Colombo would be allocated an extent of 116 hectares of land from the said extent of land on lease.
Accordingly, the said Company has submitted a proposal to the Sri Lanka Board of Investment to implement a mixed development project comprised of 05 pillars / buildings in an area of 6.8 hectares out of the extent of land proposed to be given on lease.
The project of US dollars 01 billion is proposed to be implemented in two phases comprised of the first phase for US dollars 400 million and the second phase for US dollars 600 million.
The Cabinet of Ministers approved a proposal presented by the Minister of Industrial Exports and Investment Promotion for the publication of relevant gazette notifications under the strategic development project act so as to enable providing incentive allowances
relevant for the said investments in terms of the provisions of the strategic development project (amendment) act No 14 of 2008 and Sri Lanka Board of Investment (Amendment) act No. 4 of L978, considering the strategic importance and the magnitude of the project. (Colombo Gazette)