Indocean invests Rs 6.5 b For a prime project near Gangaramaya
Date: Thursday, August 11, 2011 @ 03:37:00 LKT
Topic: Business & Financial News
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.