Tuesday, 18 May 2004  
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$ 150 m Serendipity Park gets under way

by Sudarshana Perera

A US$ 150 million massive city within a city development project - Serendipity Park will get off the ground at the former Wellawatte Spinning and Weaving Mills site in Colombo today.

According to company sources, the Bank of Ceylon has entered into a joint venture with Shin Kwan Group of Singapore.

Deputy Chairman of The World Trade Centre, H. Z. Cassim told the Daily News that the project would consist of housing apartments, cinema, hotels, shopping malls, a playground and other facilities.

"This venture would further help improve the country's infrastructure

We are targeting to attract middle and upper income level customers. Serendipity Park is designed on a new concept to attract Colombo as the Commercial hub for the region and this venture will also provide considerable employment opportunities. The project will be completed within five years", Cassim said.

"Landscaping would also be done to maintain the eco-friendly atmosphere at the site and city within a city concept will have all the features of a self-contained entity. Under the agreement with Shin Kwan Group, the Bank of Ceylon will initially provide the land and other preliminaries to kick start the project.

The property was formerly owned by Wellawatte Spinning and Weaving Mills and subsequently acquired by the Bank of Ceylon.

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