Jul 122013

Leading News from Sri Lanka::

* Sri Lanka BOI, John Keells sign agreement for US$ 850 million mixed-resort projectSat, Jul 13, 2013, 12:11 am SL Time, ColomboPage News Desk, Sri Lanka.

July 12, Colombo: Sri Lanka’s investment promotion agency, Board of Investment (BOI) and a subsidiary of the country’s largest blue chip conglomerate John Keells Holdings have signed an agreement to build a mixed development project at an investment of US$ 850 million.

The Board of Investment signed an agreement with the Water Front Properties (Pvt) Ltd a subsidiary of John Keells Holdings to build a mixed development project at No. 130, Glennie Street, Colombo 02, the government media said.

The project is the largest ever investment so far in the country.

In a stock market disclosure to the Colombo Stock Exchange Wednesday, the diversified parent company said it will develop, own, mange, operate, sell, lease and rent a luxury multi/mixed-use integrated resort.

Following the signing of the agreement Thursday, Minister of Investment Promotion Lakshman Yapa Abeywardena said the Integrated Resort will be a multi-faced development consisting of a luxury hotel with 500 rooms, convention center, entertainment facilities, international standard shopping mall, luxury condominiums, serviced apartments and office space.

It will be built in the land owned and occupied by the JKH subsidiaries, Ceylon Cold Stores (CCS), John Keells PLC, John Keells Properties and Waterfront Properties in Slave Island in Colombo.

The project, to be completed in five years, is expected to generate 3,000 direct employment and several thousand more indirect employment opportunities.

According to the Minister over US$ 300 million for the project would come from foreign funding from their shareholders.

The Minister also said noted that the John Keels Group is also looking at a second stage of the project at the same venue which would include more facilities.

** Related Story :: Sri Lanka\’s John Keells to build over US$ 650 million luxury resort complex in Colombo

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