Colombo Port City is a project implemented by the China Communications Construction Company Limited and the Sri Lanka Ports Authority. It is currently Sri Lanka's largest foreign investment project located in Colombo's central business district. It will be built on 269 hectares of land reclaimed from the sea adjacent to the existing Port of Colombo. The whole city will have five functional zones: a financial district, a central park, an island for residence, a marina and a zone of international brands. There will be a yacht marina, a shopping mall, a medical center, schools, office buildings, luxury hotels and amusement facilities.
The Port City will have a combined floor area of 5.65 million square meters, with an initial investment of US$1.4 billion. It is expected to attract US$13 billion of further development investment.
The entire construction will continue for 25 years. After ground-breaking on September 17, 2014, the project was delayed as a result of Sri Lanka's general election and subsequent transfer of power to a new administration. After repeated efforts by China, a new tripartite agreement to proceed with the construction of the project was signed in August 2016. When construction was resumed, the Chinese side employed four extra-large trailing suction hopper dredgers that worked day and night. By January 2018, 269 hectares of land had been reclaimed from the sea, signifying major overall progress.
