Government Reissues Kollupitiya Land Tender after Developer Exit
- CNL Reporter
- December 15, 2025
- News
- Kollupitiya, prime land on Perahera Mawatha
- 0 Comments
The Cabinet of Ministers has approved a fresh call for investment proposals for prime land on Perahera Mawatha, Colombo 3 (Assessment No. 135), after Global Leasing Limited’s lease was cancelled due to failure to meet contractual obligations.
Originally approved in September 2024 for a mixed-use development project including residential, commercial, and hospitality components, the site will now be offered for hotel or commercial use, with up to 50 percent residential allocation. The lease will be executed under International Competitive Procurement for 99 years, based on the Government Chief Assessor’s valuation.
The Urban Development Authority Board approved the recall of proposals in September 2025, a move endorsed by a special cabinet committee overseeing UDA land disposal. Urban Development Minister Bimal Rathnayake stated that the re-tender seeks credible investors capable of delivering a high-value project in one of Colombo’s most sought-after urban locations.
The cancellation of Global Leasing Limited’s lease, and the lack of a detailed public explanation, has sparked debate over transparency and investor confidence in high-value urban land projects.
