Open spaces in urban low-income settlements are a representation of a diverse socio-spatial landscape that is often neglected during urban development approaches. The loss of adequate open spaces, particularly during vertical resettlements, has resulted in oppressing the chance of continuing the unique social ties among those communities. To better understand the existing open spaces in urban low-income neighbourhoods, this research employs Ray Oldenburg's Third Place Theory, suggesting that they are citizen-initiated, dynamic, and informal gathering places where people tend to attend beyond home (first place) and work (second place). Getting insights from Wekanda in Slave Island, Colombo, the research highlights the physical setting, activities, and user values that are bound with the existing open spaces. In spite of the fact that they have the bare minimum of a fancy outlook, the in-depth analysis demonstrates that alleyways, spaces in-between houses, streets, and vacant lots in Wekanda are significant third places that ensure equal rights to space by providing a homely atmosphere for residents. On the other hand, the research highlights that some designed open spaces, such as small community parks have failed to exhibit expected third place qualities and should further consider their role by addressing user expectations.