What is Project Port City Sri lanka?
The teardrop isle of Sri Lanka has been dubbed “Paradise on Earth” by many travellers. This rings true, as this little island boasts a long history of rich cultural heritage, diversity and all-in-all is a picturesque depiction of God’s handiwork. However, as with all developing countries, Sri Lanka too had its fair share of struggles with boosting its economy; until a brainwave, by way of ‘Port City’ took the entire nation by storm.
1. What is Project Port City?
The concept of a Ceylonese Metropolis dubbed ‘Colombo Port City’ rivalling the likes of England’s Canary Wharf suburb was initially proposed in 2014 with the intention of pushing Sri Lanka onto an equal footing with other financial hubs scattered across the globe. Needless to say, it was taken up with much gusto by officials.
Premised upon 665 hectares of reclaimed land from the Indian Ocean, Port City is set to be a large sustainable city that would bring about an economic revolution in Sri Lanka. It is believed to be a gateway of investment opportunities in healthcare, education, entertainment, hotels etc.
Envisioned to be an extension of Sri Lanka’s commercial hub, Port City is designed to resemble the cityscapes of Dubai or Singapore. A concrete jungle of skyscrapers and mega-blocks that gives way to residencies and hubs, the idea is for the City to function on its own merit; lingering on the possibility of an independent legal system, as well as business and tax laws. The estimated expectation of populous falls to 80,000 residents with another 250 thousand commuting daily.
According to the site developer China Harbour Engineering Company (CHEC), the project is still ongoing, and is scheduled to finish in 2041, after draining a record monetary capital of $15 billion. However, Economists guestimate that twice as much of the capital could be reclaimed within a few years once Port City is up and running.
2. Key Reasons the Port City is being built
The project was initiated with the aim of elevating Colombo’s Central Business District, and tailoring it to cater to the demands of the modern business world. Key objectives linked with this project are as follows -
Business Centre Point: Port City is set to serve as a ‘regional business hub’ — i.e. an epicentre for regional business development and growth. Estimated to have 5.6 million square meters of infrastructure-occupied space, Port City is currently being designed to promote economic development in exchange for a beautiful living experience.
Luxurious Lifestyle: Port City is being designed to maximize one’s living experience amidst the Indian Ocean. As such, the infrastructure development and allocation of public spaces for the development of canals, public walks etc. are deemed to be top notch.
Tourism: Port City is also set to serve as a selling point to boost tourism rates within the Island. As such, the plan for the City tries to facilitate the ‘mall culture’ by providing for facilities pertaining to shopping, cuisines and entertainment.
Top-notch Experience: Port City is designed to provide a top-notch living experience by way of quality residential facilities. Other essential facilities pertaining to the education & healthcare sector, as well as the recreation industry is also being catered to.
International Investments: Port City is viewed to be a gold mine for potential investments, especially in the infrastructure development sector. A sustainable metropolis in South East Asia that warrants billions in return upon its completion, due to its geostrategic placement, ample resources, and luxury condos — is definitely a lucrative offer for any early investor looking to pledge his money.
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In December, 2019 — Colombo Port City was declared to be open for investors.
Port City serves as a goldmine of investment opportunities mainly due to its strategic positioning in the common trade routes embedded upon the Indian Ocean. Sri Lanka has reigned as a leading hospitality provider within South East Asia, and as such, Port City would open new avenues in terms of market opportunities that potential investors could capitalize on.
Port City has been referred to as a “valuable extension of the Colombo Central Business District” — and this extension serves to bring in think tanks from different industries in order to make Port City a regional hub for finance and business. By developing infrastructure that caters to different industries, new market opportunities are created for potential investors to swoop in, and create lucrative investments that would serve them in the long run.
4. Green City
Conducive to the current trend of adhering to the sustainable development goals, Port City Colombo is envisioned to be created as a ‘Green City’. As such, the site developers have created a layout that facilitates renewable energy, green roofs, plenty of shade, waterways, parks, little by-lanes, etc.; and have also worked out a comprehensive scheme to reduce traffic & congestion.
Effective management of water and waste have been opted for Port City, so as to enhance the effects of sustainable development. Port City ideally strives to promote eco-friendly living standards without compromising the quality of life and standard of living within the City. Green cities are hotspots for potential investors, as they promote healthier life styles, and eco-friendly environments.
5. Blueprint of Port City
Port City is designed to comprise of 5 urban districts, namely — Financial District, Central Park Living, Island Living, The Marina and the International Island. Each district has a designated function, according to which the structural layout is planned.
The Financial district serves as a hub for business and finance, and has a requisite amount of office space allocated for it. The Marina is an all-inclusive space that covers parks and water-related amenities. The Central Park Living district includes pavilions, parks as well as infrastructure blocks; while the Island Living district includes residential buildings, public parks and a strip of the public beach that runs down the district’s border. The International Living district will cater to infrastructure pertaining to recreation & commerce. It would include a recreational zone, a water-oriented theme park, healthcare and educational facilities.
Port city is a symbol of opportunities and potential for those seeking to create a cosy home away from their natural home. It guarantees a quality standard of living, and a top-notch living experience. It is deemed to be a sustainable and a self-sufficient city, with all the necessary facilities within the 665 hectares of land. Coupled with the Island’s beauty, the luxury of the metropolis, and the abundant natural resources available for disposal, Port City is truly meant to be a wonder of Asia.
7. Benefits of Sustainability ,Employee Attraction, Engagement and Retention
There will be around 2,500 employment during the construction period and also over 15,000 employment opportunities at the commencement of operations
The Project companies are required to gradually replace expatriate Staff with local staff available and the best effort basis.
The Project Company should execute an employee-related commitment to employ locally sourced Unskilled and skilled labor force adequately up to 75%
Executive Grade Staff to be sourced around 75% locally on availability basis.
ESPRIT INVESTMENT CONSULTANTS (EIC)
Incorporated in 2020, Esprit Investment Consultants (EIC) is an investment Consultant and Real Estate Company in Sri Lanka. Our portfolio includes Investment Consulting, real estate advisory and development, hospitality services and other related technical services
The Esprit investment (EIC) highly recommends the first Landmark vertical development project in the Colombo Port City which is Sri Lanka’s largest Foreign Direct Investment project and is expected to attract billions of U.S. dollars of investments in the recent future. The project aims to create around 80,000 new jobs for locals and foreigners and hoped not only to transform the landscape of the Port city but also Sri Lanka into a regional business and financial hub in the south-Asian region.
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