The Urban Development Authority is set to lease the Pettah Floating Market to a Japanese investor for US$160 million.
The investor plans to renovate the mall’s shops and night market, and it will be leased out in its current condition. Negotiations are reportedly underway to remove the site from the site, with compensation for shopkeepers currently operating there.
The investor has already paid US$16 million to the Urban Development Authority and the deal is expected to be completed soon.