Delivering the Sujatha Jaywardena memorial oration last week, Defence Secretary Gotabhaya Rajapaksa who has been given the responsibility to develop the Colombo city said that as this 400 acre reclaimed land would need a separate authority to look into the matters special to it.
He also said that it had been proposed to utilise the half of the land, about 200 acres for recreational facilities such as high end restaurants, a marina, an open air theatre and underwater recreational facilities while other half of the land is to be utilised for luxury housing and businesses.
Rajapaksa further remarked that the new port city will have ample greenery as several community parks will also be planned.
SLPA is planning to partly fund the Port City project through a debenture issue.
The total cost of the project is estimated at $400 million.
The project is to be commenced by mid-next year.
