Wednesday, 24 November 2010

Shangri -La objects to former Commercial property offer

Shangri -La, the global hotel company, that has been offered the army headquarters property is reconsidering the plan as the offer price is much higher than the Commercial property. Well –informed government sources said the army headquarters property is being offered at US $72 million for six acres (over Rs.7 billion at US $12 million an acre) whereas the CCC property is being sold at US$85 million for 11 acres (over Rs.8 billion at US$7.7 million an acre).

“The CCC land located in close proximity to Beira Lake, Hunupitiya Gangarama Temple, leading hotels including Jaic Hilton in Colombo and prime surrounding area is much, more, suitable for a hotel project, than the highly congested army head quarters property near the Galle Face residential area,” the source said explaining the Shangrila objection, which came after the Business story last week headlined “Controversy over proposed CCC property deal”.

Source: Sunday Times

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