Bambalapitiya flats redevelopment project:Promoter conceals information from Govt.
Bambalapitya flats
By C. A. Chandraprema-February 16, 2017,
In an article titled, "Bambalapitiya Flats redevelopment project: Govt. taken for a right royal ride?" published on 3 February 2017, we highlighted certain concerns about the Bambalapitiya flats redevelopment project. The Singapore registered company promoting this project UTL Global Projects Pte Ltd is a nominal company with no real estate or construction expertise or the financial resources to be able to take on a project of this magnitude. This company had misled the government into thinking that they had brought in a large Indian government owned construction conglomerate Engineering Projects India Ltd as their partner to both finance and build the project but in actual fact Engineering Projects India Ltd was not a shareholder of City Square Projects Pvt Ltd, which was formed in terms of BOI requirements, to execute the Bambalapitiya flats redevelopment project.