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| Friday, 6 June 2003 |
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Ceylinco Homes invests Rs. 5 b on Lanka's tallest building By Shirajiv Sirimane Ceylinco Homes International Ltd, (CHI) has invested Rs. 5 billion to construct Sri Lanka's tallest building, Ceylinco Residencies in Colombo 3. The agreement in this regard was signed between CHI and the Urban Development Authority (UDA) yesterday morning. Director General UDA, K. V. Dharmasiri, said that the tallest building in Sri Lanka is the World Trade Centre in Fort with 39 floors. He said that the UDA had a two-acre property valued at Rs. 267 million almost opposite Temple Trees which was idling for a long time. "With the change of government UDA was asked to go into partnership with the private sector to have more infrastructure development projects." He said that this prompted the UDA to call for tenders to build this complex and from five bidders which included a foreign constructor CHI was selected purely on their technical and financial merits. "There was no political influence for this tender." He said that this project is the largest investment the UDA has got involved in after the change of government and similar projects with the private sector would be finalised soon. "These projects include the development of the 17-acre property at the Wellawatte Spinning and Weaving Mills and a series of projects in the North East." Chairman, Ceylinco Group, Lalith Kotelawala said in 1939 his father started the first 100% Sri Lanka insurance company and it was his father's vision which brought about Sri Lanka's then tallest building Ceylinco House in 1961. He said that he was happy that he could get involved in building the tallest building in Sri Lanka today. "I do not want to construct this condominium to satisfy my ego. But I want to show the world that Sri Lankans have the knowledge and expertise to match any world class structure. By under- taking this project it will create over 1,000 employment opportunities and all profits from this project will remain in the country." Prof. Lakshman Alwis, Consultant UDA, said that the project would be completed in three years and it will change the landscape of the City of Colombo. "There would be 100 apartments, 10 Penthouses, four levels of parking for over 400 cars, three floors for commercial areas and all other facilities. Deputy Chairperson and CEO CHI, Padmini Karunanayake, said that this land will be taken on a 99-year lease and they hope to raise the funds for the project from DFCC Bank, Commercial Banks and from the Ceylinco Group. She said that this property would be sold mainly to Sri Lankan expatriates and also for Sri Lankans now in Canada, Australia, USA, United Kingdom and other countries. "We have already got a very positive feedback." She said that the though the property is on a lease to the CHI from the UDA, people buying the houses would own them outright. She said that an apartment would be priced around Rs. 20 million each and they would arrange easy payment schemes as well. |
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