Sri Lanka, Dec. 11 -- The Cabinet has approved a proposal to call for new investment proposals to lease a prime land plot in Kollupitiya, following the cancellation of a previous agreement due to non-compliance by the selected investor.

The land measuring 02 roods and 23.1 perches and located at Perahera Mawatha, Colombo 03 is owned by the Urban Development Authority (UDA). Approval was initially granted on September 13, 2024, to dispose of the property to an investor for a mixed development project that included residential components.

However, the Standing Negotiations Committee appointed by the Cabinet recommended terminating the lease after the investor failed to meet the required conditions.

Subsequently, on September 4, 2025, the...