The Government’s high powered Economic Committee has directed the ministry to prepare this plan to develop the land accordingly with Urban Development Authority (UDA).
The Ministry will request proposals from local and foreign investors for this massive development project.
Residents who lived around Beira Lake would be relocated in view of the development activities of the lake, and that they would be provided with houses within an year.
A land area close to 150 acres around the park would be developed into a commercial area, and some regions converted into a park.
The new city will be connected directly to the Financial City which is being constructed in Galle Face, as well as to the multi-modal transportation hub close to D. R Wijewardena Mawatha.
Private and public institutions in the area have been requested to submit their development plans with the UDA before long.
Plans should be presented to the UDA within the year for approval. The Sri Lanka Land Reclamation and Development Corporation (SLLRDC) will pave the way for a water transportation system in the lake.
More than 70 government and private institutions, and over 1,000 smaller private institutions and residential properties are located in the area.