- UDA awaiting valuation, initiates bids
- Two prospective investors in line
In a move towards potential commercial transformation, the Urban Development Authority (UDA) has initiated a bid process to lease the prestigious President’s House in Jaffna, according to credible sources.
Sources reveal that two prospective investors have already presented their proposals to the UDA.
The authority is presently awaiting estimated valuations from the Chief Government Valuer to progress towards finalising the lease.
Highly-placed sources suggest that the property might be leased to the Sri Lanka Institute of Information Technology (SLIIT), a private university, and a hotel developer.
The proposal outlines the development of a portion of the property, excluding the existing buildings and reception halls.
Originally constructed at a staggering cost of Rs. 3.5 billion, the opulent Presidential Palace in Kankesanthurai (KKS) was envisioned and built by former President Mahinda Rajapaksa.
Engineers and troops from the Sri Lanka Army meticulously crafted this super luxury residence in 2012, boasting five-star accommodation and top-notch facilities across an expansive 100-acre land.
Concerns regarding the utilisation of public funds for its construction had made the project controversial from the start.
When contacted by The Sunday Morning, UDA Additional Director General Mahinda Withanaarachchi revealed that the President’s House in Jaffna had remained abandoned and unused for many years, devoid of any official Government activities.
Consequently, the UDA has now opened the building for potential investment opportunities.
“We have not finalised any investment plan yet, but there have been several proposals,” Withanaarachchi noted.
He further stated that bids had been solicited and the Government’s Chief Valuer was in the process of preparing estimates for the building’s value.
The investment value will be determined based on these estimates, underscoring the forthcoming steps in this intriguing development.