A proposed casino development is among five projects that have withdrawn from Sri Lanka's Colombo Port City, while investment secured across nine leased land parcels has reached $1.12bn.
Colombo Port City Economic Commission (CPCEC) Director General Revan Wickramasuriya told the Committee on Public Finance that five of 10 earlier projects had withdrawn, leaving five still active.
The discontinued proposals include an Asiri Hospital project, a Gateway educational facility and a mixed-use development from Clothespin Management and Development.
Universal Entertainment Colombo also withdrew while conducting due diligence on a 10-hectare site designated for an integrated resort.
Despite the withdrawals, CPCEC said lease agreements have been executed and completed across nine land parcels covering residential, mixed-use, marina and hotel developments.
Construction has begun on several projects. Piling is underway for the Colombo International Financial Centre (CIFC), Home Lands and Prime Melwa Project 1, while ICC Bay 1 has reached the first-floor stage.
The CIFC is being developed by Ceylon Real Estate Holdings, with its first phase backed by a $515m investment. The 160,000-square-meter mixed-use development is planned to include offices, residential space and retail facilities.
Work has also started on the marina, while residential construction by ICC Port City is underway. A sixth signed development, the Marina Hotel, has yet to begin construction.
CPCEC is seeking another $1bn in pipeline investment over the next 12 months for sites near the central business district.
The casino project's withdrawal comes as Sri Lanka develops a broader regulatory framework for gambling. In April, the Cabinet approved a bill to establish an authority overseeing online gaming, floating casinos, onshore casinos and offshore casinos operating within Colombo Port City.
Authorities are targeting another $1bn in investment over the next 12 months
