The main bus stands in Colombo Pettah are to be shifted to a single location near the Fort railway station.
Transport ministry secretary M.M.P.K. Mayadunne said talks are underway with the Urban Development Authority to develop the proposed facility as a multi-purpose transport hub, similar to the one already in operation at Makumbura.
At present, SLTB buses are parked at three different locations at Pettah and the private buses at Bastian Mawatha and Gunasinghepura.
The land thus vacated will be utilized for commercial purposes under the plan to beautify Colombo city.
This plan and the Beira Lake development were elaborated on at a meeting chaired by president's chief of staff Sagala Ratnayaka at the Presidential Secretarait on 04 December.
The meeting focused on various aspects, including the development of identified land around Beira Lake for public activities in collaboration with the private sector.
The discussion also addressed on-going efforts to prevent sewage pipes from being diverted into the Beira Lake, aiming to reduce the percentage of bacteria and algae in the lake.