Overseas Realty to start Havelock City’s Phase - 3 next year

Overseas Realty (Ceylon) PLC (ORC) will start Phase – 3 of its Havelock City Project (HCP) early next year to be completed within three years, according to officials. “This will encompass three towers, with an additional 405 residential units,” Pravir Samarasinghe, Group CEO ORC, who took up his appointment mid this month, told the Business Times.
Literally the ‘new kid on the block’ at the World Trade Centre (WTC) which ORC owns, Mr. Samarasinghe said that HCP’s Phase - 2 has been very encouraging and has seen 25% of its apartments snapped up within February when it was launched.

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(Source: Sunday Times)

Two islands leased out

Two islands near Kalpitiya have been leased out at Rs. 18 million to two foreign companies for investment in tourism for 30 years, Parliament   was informed today.

Of them, Vellai Island has been given on lease at Rs. 3.7 million to be developed as a joint investment between Sri Lanka and Maldives and Switzerland, and Inpativu Island at Rs. 14 million to an Indian company named Cube Leisure Property Private Ltd. The joint venture with Maldives and Switzerland is called Sun Resort Investment Lanka Private Ltd.

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(Source: Daily Mirror)

GOVT. PLANNING LAND RECLAMATION FROM GALLE FACE-WELLAWATTE

A feasibility report is being conducted for land reclamation by way of extending the coastline from Galle Face to Wellawatte by 300-400 acres, Deputy Minister of Ports and HighwaysRohitha Abeygunawardena today revealed in parliament.

 In a document submitted to parliament the Deputy Minister revealed that this will be done as a part of restructuring the commercial hub of Sri Lanka. The Government is looking at how to alleviate the inconveniences caused by ill-planned roads and badly constructed building in Colombo.

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(Source: Ada Derana)

Govt. says many offers to manage Hilton Hotel

The Government has been inundated by offers from top international chains to manage the Hilton Hotel in Colombo following the announcement last Wednesday that the property is now solely Sri Lankan owned. A Finance Ministry source said that the hotel is seen as a good, exclusive property in post-war Sri Lanka where tourism is growing fast.
“Many top chains have expressed interest,” the source said. Economic Development Minister Basil Rajapaksa announced in Parliament that the land had been taken over due to failure by Cornel & Co., which leased the land from the Urban Development Authority (UDA) and sub-let it to Hotel Developers Lanka Ltd (HDL), to pay lease rental.

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(Source: Sunday Times)

Chinese aircraft firm also gets Galle Face land

Gotabaya says billions from three hotel developers will be used for security forces headquarters

A Chinese aircraft manufacturing company will be the second of three successful bidders for star class hotels to be built on the area around the Galle Face Green to be vacated by the Ministry of Defence and Army Headquarters, Defence Secretary Gotabaya Rajapaksa told the Sunday Times. This follows the sale of a six-acre property to build a multifunction complex comprising a classy hotel and a shopping mall, adjoining another six-acre property where the Shangri-La hotel chain is putting up a hotel complex. Mr. Rajapaksa said the money raised from the sale of these properties would go largely to fund the construction of a state-of-the-art headquarters for the three military services, the Army, the Navy and the Air Force and the Ministry of Defence at Mattegoda. More>> (Source: Sunday Times)

Mega hotel on Cargills property?

CT Holding PLC, which controls retail giant Cargills, is raising a total of Rs 2.6 billion through a private placement and a rights issue with part of these funds going into a mega development in the Cargills property in Fort which would include an exclusive, upmarket hotel, market sources said.
Cargills officials including its Deputy Chairman Ranjit Page were not immediately available for comment but the sources said the funds from this capital infusion would be used for a development project at Cargills in Fort that would change the character of the area into a ‘touristic walkabout’.

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(Source: Sunday Times)