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| Wednesday, 19 May 2004 |
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Project to attract local partnerships, ownerships: $ 150 m Havelock City gets under way by Sudarshana Perera A US$ 150 million massive city within a city development project - "Havelock City" which got off the ground yesterday at the former Wellawatte Spinning and Weaving Mills site Colombo is to attract local partnerships and ownerships to make it a viable and profitable venture. "Havelock City" developed by Mireka Capital Land (Pvt) Ltd, a joint venture between the Shing Kwan Group of Singapore and the Bank of Ceylon will have commercial and residential towers consisting of housing apartments, cinema, hotels, shopping malls, a playground and other facilities which will further boost the country's economy. The project 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 in the country. The project will be completed within five years. Chairman of Sing Kwan Group, S.P. Tao said that his group which built the World Trade Centre in Colombo, through "Havelock City" wants to make Colombo, the prime commercial hub in the region. "Our objective is to create a living environment that gives Colombo something unique to Sri Lanka. Our target therefore is to establish "Havelock City" as the prime address in town and spearhead a paradigm shift in integrated property development. The project would be completed by the year 2006", he said. "Some of the businesses at the complex will be outsourced and the priority would be given to local entrepreneurs and the management of the hotel would also be divested with local ownership", he said. The commercial component of Havelock City will include a 36,000 sq metre Shopping Mall housed in a retail podium elevated ten metres above the ground around a dramatic central large atrium, a 300-room business hotel and 200 units of serviced residences Shing Kwan Group's portfolio of expertise includes investment, development and management of real estate in China (Nanjing, Beijing and Shanghai): Indonesia (Jakarta). |
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