Friday, 1 July 2011

Sri Lanka seeks developers for prime property

Sri Lanka is searching for a buyer for a block of prime beach front land adjacent to two that are slated to be among the largest real-estate cum hotel developments to start in the country after the end of a 30-year war, officials said.
"The land is still available," deputy economic development minister Lakshman Abeywardene said. Sri Lanka sold 10 acres of land to Hong Kong based Shangri La for 125 million US dollars in the 'Galle Face' beach front, shifting military installations that occupied the land.
Another 10 acres of land were given to CATIC, a Chinese defence contractor, for 136.5 million dollars, Abeywardene said. The two investors are expected to build 500 million dollar mixed hotel, shopping and apartment complexes.

(Source: LBO)

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