The Government has invited investment proposals from the private sector to commercially develop and operate state-owned bungalows in Colombo 5 under 30-year lease agreements.
The Ministry of Finance, Planning and Economic Development has called for proposals covering the adaptive reuse, refurbishment, development, operation and maintenance of the properties, with the aim of converting them into tourism-related commercial ventures.
The properties
The addresses listed are B13, B14 and B20 on Stanmore Crescent, C61 and C62 on Paget Road, and E01 and E02 on Skelton Road, all in Colombo 5. The Daily Mirror described the notice as covering six properties, though the addresses it listed number seven.
Proposed uses include tourism-related retail outlets, boutique suites, cafes and restaurants. The Daily FT reported the ministry is pitching the properties for boutique hotels and heritage accommodation, signature restaurants and fine dining, lifestyle establishments and premium hospitality ventures, describing them as architecturally distinctive buildings in one of Colombo’s most sought-after residential precincts.
Terms
Ownership of the land and buildings remains with the Government of Sri Lanka. Selection is through a national competitive process, and proposals for each property will be evaluated independently, so investors may bid for one property or several.
The ministry has framed the initiative as part of a broader strategy to draw private investment, stimulate tourism and revitalise underused public assets.
Guidelines for submission, including eligibility criteria, property information and application forms, are published on the Finance Ministry website. A viewing of the properties was scheduled for August 12 at 10 a.m., and the deadline for proposals is August 25.
