The stalled Destiny Mall and Residency project remains in limbo while the developer seeks a new investor, sources from the Urban Development Authority (UDA) reveal.
The Sunday Morning Business learns from senior sources at the UDA that despite promises by the developer of the Destiny Mall and Residency project, Imperial Builders, to resume operations in 2025, the developer has failed to do so.
Accordingly, construction at the site remains suspended.
The source revealed that the developer was currently seeking a new investor to restart the project.
“They are trying to find a new investor, but nothing has been finalised yet,” he stated.
He further said that the UDA had set several deadlines for the developer to recommence construction, but the developer had failed to meet them and had now stopped coming to Sri Lanka.
“We gave them several deadlines, which they have failed to meet. In fact, they have now stopped coming; they are in Pakistan,” he said.
He further acknowledged that there was little that the UDA could do in this situation considering the project’s massive liabilities.
“We are unable to cancel the lease because all these liabilities will then fall on us. As a Government institution, we simply cannot do that without a proper decision being made,” he stated.
The Destiny Mall and Residency, developed by Imperial Builders, involved the construction of 210 luxury apartments on a one-acre property at the corner of Justice Akbar Mawatha and R.A. de Mel Mawatha, Colombo 2.
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