Shangri-La plans mega residential complex in Colombo
13 October 2014 04:36 am
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The Hong Kong-based luxury hotel developer, Shangri-La Hotels and Resorts is to invest on a residential apartment complex in Sri Lanka, and the land transfer towards it is expected to take place this week, according to the country’s Investment Promotion Minister.
The government will transfer a plot of land in the heart of Colombo for the project with minimum hassle for the developer as the company has already invested in two mega hotel projects in Sri Lanka – one facing Galle Face Green promenade with 10 acres land and the other in Hambantota in a 145-acre land.
However, Minister Lakshman Yapa Abeywardena did not disclose the exact location or the extent of the land which is to be transferred.
Nevertheless, the company will invest as much as US $ 250 million only for the first stage and is also expected to pay another US $ 55 million before December 2014 as part payment of the land to be allocated.
The leading Asia-based luxury hotel group has communicated these plans when the Shangri-La officials met the Minister recently
“I am happy to note that Shangri-La will take another land in about three days to implement their third project. Under this project, they will put up a residential complex, shopping mall and a few other entertainment facilities,” Minister Abeywardena said last week.
The leading Asia-based luxury hotel group has communicated these plans when the Shangri-La officials met the Minister recently.
The fast tracked 52-floor residential complex will be completed in 52-weeks as the developer has conveyed their plans to put up one floor per week.
“Their plan is to complete one floor every week. So, they have a plan to complete the entire complex in 52-weeks,” he said.
The project is most likely to receive the Strategic Development Projects (SDP) status, provided it meets the minimum investment requirement and also its ability to change Colombo’s landscape.
Shangri-La appears to be betting on Sri Lanka’s post-war optimism and the booming business and tourism landscape.
Shangri-La has increased its existing investment in the Colombo project from US $ 450 million to US $ 600 million, according to Minister Abeywardena.
The hotel with a room capacity of 661 is expected to be opened in 1Q17, ahead of its scheduled date of 3Q17.
Meanwhile, the hotel group’s US $ 120 million 375 rooms Resort and Spa in Hambantota is also in the final stages and scheduled to be opened in the 2Q15.
Both hotels started construction work in February 2012.
Dismissing the opposition’s baseless allegations about the projects, the Minster showed the progress the two hotels have made during a media conference last week. |