Massive US$ 100 mn retail mall from Abans

M F Jabir

For the first time, Sri Lankans would see an international standard retail mall with an investment of over US $ 100 million by SilverNeedle Hospitality Singapore and the ABANS Group at an excellent two acre land close to the Beira Lake at Sir James Peiris Mawatha, Colombo 02.

The development which had been named the Colombo City Centre, would comprise three parts, the residential component, a shopping centre and a 200 roomed upper scale five star hotel, NEXT Hotel TM, primarily targeting the business market.

The construction would commence early 2014 and was scheduled to be completed in three years. SilverNeedle Hospitality and ABANS Group have appointed internationally-renowned and award-winning architect, Aedas to lead the design for their mixed-use lifestyle development, Colombo City Centre, which includes Asia's first NEXT Hotel TM. Among Aedas’ global projects were the North Star Mixed Used Development, Beijing, PRC and the Express Rail Link West Kowloon Terminus, Hong Kong PRC.

Iqbal Jumabhoy, Managing Director and Group CEO, SilverNeedle Hospitality, told Daily News Business, “Our company’s view is that Sri Lanka is truly beginning to emerge. It has been stable for a while, as the government seems to have very solid plans for the development of Sri Lanka, particularly as a business destination.”

He said that although Sri Lanka was well known as a leisure destination, they believe that as a business destination, Lanka really was going to get better. As there were no significant international quality malls at the moment in Sri Lanka, this development would create a huge draw, not only for locals, but also for people in the region. He said that the residential component was important because there was a demand not only from the increasing number of Sri Lankans living overseas, but also from locals who wish to live in the City Centre.

“So we believe this component would be of utmost importance for such people while a highly reputed architect could bring a type of quality for this type of special project in this country,” he said.

Jumabhoy said, “when you want to do a project you can find venture partners. But the key is to find the right venture partner. The combination of culture, values integrity and reputation of Abans makes us very comfortable to invest with them. For us, in Abans, we find a working relationship that we can build up.

“As this is our first joint venture development in Asia, it was crucial that we selected a high-calibre architect who understood our desire for creating an inviting and engaging iconic landmark that meets the professional and leisure accommodation needs of the business traveller and enhances the Colombo lifestyle. Aedas’ ethos is consistent with this vision, “he added

Aban Pestonjee, Chairperson of the ABANS Group added, “We are delighted with Aedas as the choice of architect for the project. Work is underway and we look forward to building a development that enhances Colombo's cityscape, offering a new and unique experience for Sri Lankans.”