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Fact Check
The Sri Lankan government leases out its nine acres at Olcott Mawatha, Colombo Fort, for 99 years.
Viral claim is misleading; the Cabinet has only approved a call for investment proposals for the Charmers Granary property in Colombo Fort, which still belongs to the Urban Development Authority (UDA).
A user on TikTok recently posted a news card in Sinhala claiming, “9 acres of land on Olcott Mawatha, Colombo Fort leased for 99 years… Anura’s cabinet has taken a decision!” The same claim has been widely circulated on Facebook, considering that state-owned land in Sri Lanka, which makes up around 80% to 82% of the country’s total area, is a nationally significant and often debated issue. The posts can be seen here, here, here, here and here.
In Sri Lanka, 99-year land leases are a common mechanism used to attract long-term investment, especially from foreign investors. The government, often working through the Urban Development Authority (UDA), leases state-owned land for development projects that align with national priorities. Lease durations typically range from 30 to 99 years, depending on the scale and nature of the investment. These long-term leases are intended to encourage high-quality development and ensure investor confidence. However, the practice of long-term land leases, particularly 99-year leases, has been a source of significant public criticism and controversy in Sri Lanka.
We first checked whether any mainstream media outlets had reported on any deal recently signed by the government, but found nothing relevant.
Then we conducted a keyword search on Google using the terms “9 acres of land,” “99 years lease,” and “Olcott Mawatha,” and came across a news report in the Daily FT stating: “Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the Cabinet of Ministers on Monday approved a plan to call for investment proposals to lease the Charmers Granary property in Colombo Fort for a period of 99 years, based on the current valuation provided by the Government Chief Assessor.”
Similar news was posted on EconomyNext and NewsWire websites.
Minister Nalinda Jayatissa said the Cabinet had approved the proposal to lease the Charmers Granary property — a 3.92-hectare site, equivalent to 9 acres, 2 roods, and 31.75 perches. The property is owned by the Urban Development Authority (UDA) and occupies a prime location along Olcott Mawatha, within the Integrated Mixed Development Zone outlined in the Colombo Municipal Council Area’s Development Plan for 2022–2031. This statement was made during the Press Briefing on Cabinet Decisions held on 2025-08-05.
The Cabinet had approved the proposal to lease the land for 99 years and to call for investment proposals for the Charmers Granary property during the Cabinet discussion held on 04.08.2025.
However, we found no reports on any further developments regarding the proposal, indicating that the claim, that the land question had been leased, was not true.
To further confirm this, we contacted the Urban Development Authority (UDA). The Deputy Director General of Real Estate and Land Management, EAC Priyashantha, clarified that the Cabinet has only approved the call for proposals and that no deals have been signed with any investors yet. He also mentioned that the UDA will publish a Request for Proposal (RFO) on its official sites within this month to invite proposals from interested parties.
The viral claim that nine acres of land on Olcott Mawatha, Colombo Fort, have been leased out for 99 years is misleading.The Charmers Granary property has not yet been leased out as the Cabinet has only approved a plan to call for investment proposals for the potential 99-year lease.
Our Sources
Statement by E.A.C. Priyashantha, Deputy Director General of Real Estate and Land Management, Urban Development Authority (UDA).
Cabinet decision made during the meeting held on August 4, 2025.
Press briefing on Cabinet decisions held on August 5, 2025, published on the Ada Derana YouTube channel.
Statement by Nalinda Jayatissa, published on NewsWire, August 5, 2025.
Statement by Nalinda Jayatissa, published in the Daily FT, August 5, 2025.
Statement by Nalinda Jayatissa, published on EconomyNext, August 5, 2025.
Article on leasing lands to foreign investors, published in The Morning, July 30, 2023.
UDA’s investment opportunities document, published on the Board of Investment of Sri Lanka website.
Article titled “Addressing the Land Problem”, published on Advocata.org, July 23, 2023.
Misleading
