Plans are afoot to build a new port city by reclaiming the seafront at a cost of $350 million and selling the land as it expands the island nation's main harbour, said the Deputy Minister Rohitha Abeygunawardena. He further said that South Korea's Hyundai Engineering and Construction Co is expected to complete a $300 million port expansion by April 2012 with a 6.8 km breakwater for three new container terminals.
"The new Colombo South Harbour that is being built will be three times bigger than the existing port and the new port will help cement Colombo's position as south Asia's transhipment hub and make the island a maritime centre." he told reporters who were taken for a site visit.
"It is going to cost us about $350 million to fill it up,and as such the selling price of the land would be priced so as to earn moe than $350 Million" said Nihal Keppetipola, Managing Director of Sri Lanka Ports Authority. The filling would be funded by deposits on sales, he said.
The area will have eco-parks, residential areas, offices, and high-rise buildings, Keppetipola said.
A $450 million deal was signed in August with China Merchants Holdings and Aitken Spence to build the first of the three terminals. Each terminal is expected to add the capability to handle 2.5 million TEUs more. The port now handles 4.5 million TEU.
Ports Ministry sources said 48 percent of the work on the project has been completed so far.
"It is going to cost us about $350 million to fill it up,and as such the selling price of the land would be priced so as to earn moe than $350 Million" said Nihal Keppetipola, Managing Director of Sri Lanka Ports Authority. The filling would be funded by deposits on sales, he said.
The area will have eco-parks, residential areas, offices, and high-rise buildings, Keppetipola said.
A $450 million deal was signed in August with China Merchants Holdings and Aitken Spence to build the first of the three terminals. Each terminal is expected to add the capability to handle 2.5 million TEUs more. The port now handles 4.5 million TEU.
Ports Ministry sources said 48 percent of the work on the project has been completed so far.
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