A Singapore urban development consulting company, Cesma International re-branded as Surbana, is now engaged in Colombo city master-planning and redevelopment work to build a ‘megapolis’ in Sri Lanka’s Western Province, Urban Development Authority Chairman Ranjth Fernando told the Business Times.
According to the proposal, Fort, Pettah, Kollupitiya and Maradana with a total land area of over 1,033 hectares were envisaged as the New Downtown containing the Business and the Financial District. Slave Island and Galle Road were to be the shopping areas.
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(Source: Sunday Times)
The Board of Investment (BOI), with Krrish failing to fulfil its latest promise of completing the full payment by March on leasing the 4-acre Transworks Square land in Colombo Fort, is considering several options including legal avenues to recover the payment or end the project.
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(Source: Sunday Times)
Construction work on the US$429.5 million mixed development and housing project at Slave Island undertaken by India’s Tata housing, the real estate arm of the Tata, is now underway.
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(Source: Sunday Times)
Hong Kong-based Shangri-La Group launched its luxury residential project on Friday at Galle Face Colombo eyeing to tap local and foreign buyers for exclusive residences in the city, officials of the company said. Construction work on the two 50 floor residential structures is now underway and will be completed in 2018, a spokesman of Shangri-La Hotels Lanka Ltd said.
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(Source: Sunday Times)
The Consumer Affairs Authority (CAA) yesterday emphasized the need to display the price of properties and vehicles that are up for sale.The Authority said the display of prices was a necessity under paragraph 26 of its Act.
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(Source: Daily Mirror)
Astoria, a luxury condominium development that aims to set a new standard in the luxury living style of Colombo will soon be at the heart of Sri Lanka’s business capital, offering residents a truly indulgent experience. AVIC – a Fortune Global 500 enterprise and the developer of Astoria announced its decision to sign on China State Construction Engineering Corporation Limited (CSCEC) as its official and main contractor. CSCEC is another Fortune Global 500 enterprise and is well-known as the top home builder in the world. The partnership between AVIC and CSCEC seeks to introduce this project to the Sri Lankan real-estate market by the end of 2017.
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(Source: Hiru News)
