Monday, 13 January 2020 19:14

Government resumes previous regime’s US$ 900 million joint venture

The present government is going ahead with US$ 900 million mixed development project at a site in Colombo 2 near the Beira Lake initiated by the previous regime in 2018 as a joint venture of Kerry Properties Limited and Shang properties, Inc.

The Company has acquired this site through a public tender for a consideration of Rs. 12.8 billion excluding taxes.

The site is located at Sir James Peiris Mawatha in Colombo 2 and has an aggregate site area of 6 acres.

Upper levels of the completed development will offer captivating views of Beira Lake and Indian Ocean. The Company plans to build a modern mixed-use development on this site.

State Minister for Investment Promotion Keheliya Rambukwella said that the project will initially invest $ 500 million under the first stage with plans to expand the project to $ 900 million.

It will contain apartments and office space and is expected to be completed in six years.
The company planned to build a modern mixed-use development on this site but the project was delayed after tax and other concessions granted for BOI projects and expected by the company failed to materialise.

The delayed project was then given the go-ahead by the new administration, which has placed the BOI under President Gotabaya Rajapaksa.

Kerry Properties (HKEx: 683) is a leading property investment and development company in Mainland China and Hong Kong.

The Kuok Group’s other investments in Sri Lanka include a development comprising the Shangri-La Hotel, which opened in November 2017, as well as luxury apartments, and a high-end shopping mall One Galle Face (OGF) that opened last year.The Group also operates a golf resort in Hambantota

 

(LI)

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