Friday, May 12, 2017

Govt. complicity in suspicious Bambalapitiya land deal? 

Bambalapitya flats

By C. A. Chandraprema-May 11, 2017, 9:18 pm

We have written extensively in this newspaper about the proposed Bambalapitiya flats redevelopment project. Despite the revelations about the lack of financial standing of the promoter UTL Global Projects Pte Ltd to undertake a project of this magnitude, in March this year, the Cabinet granted approval to the National Housing Development Authority (NHDA) to sign an agreement with City Square Projects (Pvt) Ltd., a fully owned subsidiary of UTL Global Projects Pte Ltd with the proviso that they had to bring USD 10 million into the country within four to six weeks of signing the agreement. The Bambalapitiya flats redevelopment project is an ambitious one which seeks to demolish the present apartments and to use the ten-acre land, on which they stand to build six towers of 36 storeys each with a total of 3,762 residential apartments along with shops, offices and hotels.