Prime Lands Residencies has announced a 99-year lease agreement with Sri Lanka’s Urban Development Authority (UDA) for a mixed development project on a parcel of land located at Bauddhaloka Mawatha, Colombo 7, currently occupied by the Otters Aquatic Club.
The lease arrangement has been designed to incorporate the relocation of the Otters Aquatic Club facilities within the newly planned mixed-use development, according to a statement by Prime Lands in a stock exchange filing.
The development will be situated on the 158.15 perch UDA land at 380/1, Bauddhaloka Mawatha, Colombo 7. The lease agreement is valued at Rs. 3.2 billion, which includes VAT, SSCL, and other associated charges.
The agreement has received cabinet approval, as stated by the company. The proposed development will feature 229 residential units across 24 floors, covering a total construction area of approximately 584,331 square feet, with an estimated total investment value of Rs. 22.4 billion.
(Colombo/Feb26/2026)
