MIXED USE DEVELOPMENT
PORT CITY
Port City, Colombo
LOCATION
~6 Acres
Land Extent
USD 355 Mn
Minimum Investment
Port City – Your Gateway to South Asia
Port city is a mega scale master-planned urban development initiative that aims to expand Colombo’s Central Business District. Colombo, the country’s commercial capital, has been consecutively ranked as South Asia’s Best City to Live in by Mercer, where attractiveness for businesses is based on high-quality human capital and competitive costs of doing business.https://www.portcitycolombo.lk/
The appeal of Port City Colombo is further enhanced by
- A Special Economic Zone law to promote economic activity in the Service Sector (Offshore Banking, Regional Head Quarter Operations, ICT, Knowledge and Tourism Related Services).
- A Proposed world-class convention center and the new Financial Center under construction will attract significant MICE footfall.
- The Projected doubling of Sri Lanka’s per-capita GDP from $4,000 to $8,000 in this decade will create a significant affluent class looking for high-quality living.
- The Extension of the existing CBD through structured investment opportunities in commercial, high-end residential and leisure oriented real estate.
- Modern high-quality infrastructure to foster innovation and talent development.
- Access to the national expressway network via the elevated highway and access to the country’s rail, air and sea transport network
Project Overview
Located with the waterfront to its west and across the road from a sunken plaza to the east, this plot that is situated within the Financial District is to be developed as a mixed-use housing development facility. Primarily aimed for residential living, it will also include allotments for commercial space within the podium, with retail areas located along the edge, abutting the open space at the waterfront.
Project/ownership structure
Foreign investors are permitted 100% ownership of real estate investment.
Project Company can facilitate potential partnerships (JV, PPP) with interested parties locally and internationally.
Project incentives:
Income tax holidays for up to 25 years based on investment specifics.
Waiver of border tariffs & sales taxes on construction material (cost savings of 30% – 40%)
Land Agreement/ownership: 99 years lease from the Government of Sri Lanka
Other incentives:
Dividends to non-resident entities are exempt from income and withholding taxes
Property and wealth taxes are not applicable in Sri Lanka
Access to talented human capital with a 92% literacy rate that is 30% lower in cost vs region
Strategic location
Situated within the Financial District, It is to be developed as a mixed-use housing development facility. Primarily aimed for residential living, it will also include allotments for commercial space.
