|
|
 |
 |
 |
| Tuesday, 1 March 2005 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
Investor confidence high Despite rumblings on the tsunami devastation and political developments, more foreign investors are coming in and those already here are going ahead with their projects on schedule. The latest mega-project to commence in Colombo, 'Havelock City' exemplifies their confidence in Sri Lanka. The largest real estate development project in Sri Lanka, 'Havelock City,' will totally transform the 19-acre Wellawatte Spinning and Weaving Mills site on the Highlevel Road. The initial phase of the US$ 250 million project is due for completion in three years. The mammoth project also showcases the synergies between local and foreign joint venture partners, construction firms, architects and contractors. Havelock City is just one of the major projects lined up for completion over the next few years. Celestial Residencies, Trillium Residencies and Monarch Towers are among the other projects which have attracted foreign and local investors. All these projects will significantly alter the Colombo skyline after completion. While contractors and design consultants for most of these projects are from foreign companies, human resources for construction will be sourced from Sri Lanka, thus increasing employment opportunities for youth. For example, Havelock City will provide more than 1,500 jobs during the construction period and more than 5,000 afterwards. Sri Lanka is likely to witness a construction boom over the next few years as reconstruction in tsunami-hit areas begins in earnest. The international community is fully backing the Government's reconstruction drive, estimated to cost at least US$ 1.6 billion. The World Bank recently doubled its initial post-tsunami allocation to Sri Lanka, which can be seen as a vote of confidence. Sri Lanka, along with Indonesia, is poised to get the lion's share of the tsunami aid promised so far. With tsunami reconstruction in coastal areas and many of the mega projects confined to Colombo, some analysts have raised the possibility of inland areas being left behind in the development process. This need not be so - their economic potential is immense, as the outstation branches of the Colombo Stock Exchange have shown. CSE executives are already forecasting that around 50 per cent its turnover would come from the regional branches. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
