This agreement has been reached after a discussion held by the Singaporean company representatives with the President’s Chief of Staff Sagala Ratnayake.

It will be implemented for the revival of the Western Province financial sector, tourism sector, port sector and supply sector as a single development region.

The Singaporean company presented this US $1.4 billion project plan for the first time in 2001. But it was stalled with the change of government. Later, in 2016, the same plan was implemented under the Ministry of Municipalities, but it also failed with the change of government.

Sri President Ranil Wickremesinghe, has grand plans for a redevelopment of the country's capital and its surrounding districts under 150 smaller projects, including the Chinese-funded Colombo Port City development.

But while the project may look good on paper prepared in 1997 and revised ot 2004 and thereafter reintroduced as a fresh proposal in 2011, officials face significant obstacles in realizing the 15-year vision at that time.