Cabinet Approves US$112 Million Waterfront Investment in Colombo Port City
COLOMBO, September 16, 2026 — The Cabinet of Ministers has approved a major investment proposal that will see Prime Melwa (Pvt) Ltd develop a landmark mixed-use waterfront project within Colombo Port City.
The company has been approved for designation as a Primary Enterprise of Strategic Importance under Section 53 of the Colombo Port City Economic Commission Act No. 11 of 2021.
Prime Melwa is set to invest approximately US$112.2 million, equivalent to around Rs. 15.95 billion, in the proposed development.
Mixed-Use Waterfront Development
The project is planned as a large-scale mixed-use development combining commercial, residential and recreational facilities, adding a new investment project to Colombo Port City’s growing development pipeline.
According to the proposal, the development is expected to create approximately 800 employment opportunities over the coming years, providing both direct and indirect economic benefits.
The investment is also expected to contribute to the expansion of Colombo’s commercial and residential infrastructure while supporting the country’s efforts to attract large-scale investment.
Strategic Enterprise Status
Under the Colombo Port City Economic Commission Act, enterprises designated as being of strategic importance may be eligible for certain exemptions and incentives, subject to the required approvals from the Cabinet of Ministers.
The strategic designation for Prime Melwa was approved following consideration of the company’s proposed investment and its potential contribution to the development of Colombo Port City.
Boost for Investment and Urban Development
Officials expect the project to support foreign and domestic investment activity, urban development and employment generation, further strengthening Colombo Port City’s role as a major investment and commercial destination.
The Cabinet proposal was submitted by the Minister of Finance, Economic Stabilization and National Policies, with the approval of President Anura Kumara Dissanayake, and was subsequently approved by the Cabinet.
The project represents another significant development within Colombo Port City as Sri Lanka continues to position the area as a hub for business, investment, residential and leisure activities.
