The International Court of Arbitration of the ICC has dismissed a damages claim filed by the developer of the stalled Bambalapitiya Flats redevelopment and ordered the firm to pay a total of $484,000 in costs. In an award dated Nov. 2, 2025, the sole arbitrator, Prof. Bernard Hanotiau, rejected the developer’s allegations of unlawful termination and confirmed that the National Housing Development Authority (NHDA) acted within its contractual rights. The NHDA had signed a public–private partnership agreement on May 18, 2017, with a consortium comprising UTI Global Projects Ltd. of Singapore and City Square Projects Ltd. for a $300 million…
NHDA wins $484,000 arbitration ruling in Bambalapitiya Flats case
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