Indocean invests Rs 6.5 b
For a prime project near Gangaramaya:
A 400 $ million development project will be launched shortly when one
of Colombo City’s prime streets near Gangaramaya will be transformed
into a promenade in keeping with the government’s development plans.
The Indian campany has obtained this two acre property on a 99 year
lease from the UDA and had paid Rs 2.56 billion up front.
The project-one of Sri Lanka’s largest private sector development
projects will be developed by Indocean Developers Private Limited, based
in India.
Under the project, Sir James Peiris Mawatha will be transformed into
a promenade-like street, filled with high-end retail stores, cafes,
restaurants, spas coupled with premium residences with vistas of the
Beira Lake and the Indian Ocean. The project would be ready in three
years.
Urban Development Authority Chairman Janaka Kurukulasuriya said “We
are delighted that a company like Indocean has come on board to create a
never before concept in Sri Lanka. With their expertise and
international best practice reputation, I am confident that Khetawat
will ensure a total success of this project.”
Indocean has 150 years of real estate development experience with
more than 10 million sq. feet of development to its credit, some of
which are the South City Mall, South City Development, South City Garden
and South City Pinnacle.
The company prides itself in contributing to the environment using
world-class development methods which will redefine the entire skyline
of the city of Colombo.
Indocean Developers Private Limited Director Anil Khetawat said “The
Sri Lankan government is fully committed to making Colombo one of the
best, cleanest, livable cities in the region and we are fortunate to be
able to contribute to the Urban Development Authority’s efforts to
rejuvenate Colombo into a reality.”
“This building world be one of the best buildings from the group and
would be their flagship project.”
Sir James Peiris Mawatha, located in Colombo 2 and faces the Beira
Lake a key tourist attraction, will have no vehicle access and will
provide citizens and tourists alike to stroll along the road at leisure,
taking in the beauty of the city while enjoying the surroundings. (SS)
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