Sri Lanka Aitken Spence plans eastern resort

Sri Lanka's Aitken Spence group, which runs resorts in Maldives, India and Oman is in talks with two international chains to find a joint venture partner to build a 100 million dollar leisure complex in the island's east coast, an official said.
The complex will be made up of two hotels, residential villas and entertainment facilities. One hotel will be built by Aitken Spence under its flagship 'Heritance' brand and the second will be built by the joint venture partner.
The group owns 108 acres of beachfront property in Nilaveli in Sri Lanka's eastern coast.

More>>


(Source: LBO)

Sri Lanka: International property developers eyeing Colombo’s prominent land

Sri Lanka’s one of the premier properties located in Colombo, owned by a family run listed company is likely to be developed as a mixed development project, a Colombo stock market analyst said.
It is anticipated by market sources that several international Real estate developing companies are eyeing to develop one of Colombo’s premier properties; freehold land at 41, W.A.D. Ramanayake Mawatha to be developed as a commercial and a residential project.

More>>

(Source: Asian Tribune)

First ever 7 star property to commence business in 2012

Lanka’s first ever 7 star leisure property, the much awaited unique “Isle of Agnes” brain child of PJ Group Chairman Prasanna Jayewardene hopes to open for business next year.
“It will be one of a kind and aspires to be so on an international level” says PJ Group official Amara Galagoda. “ Though they will miss fellow creator of ‘The Elephant Corridor Hotel’ Susanne Filippin who is now settled in her native Europe, our chairman hotelier with 40 years of experience in 10 countries still has the other co-creator of  ‘Elephant Corridor’ Anton Jacob who has vast International experience with him on this project as well” she said.

More>>

(Source: Daily Mirror)

Plan for luxury city suspended

Cabinet committee to review project amidst fears over possible loss of Galle Face

The US$ 700 million Chinese-backed 500 acre project to create a new city on reclaimed land from the sea overlooking the Galle Face Green, exclusively revealed in The Sunday Times last week, has been suspended. A high-ranking source said yesterday that the move followed a “high-level” order and added that the matter would now go for scrutiny before the standard Cabinet Appointed Review Committee. “They will determine whether or not the project proposal should be accepted by the Cabinet,” the source said. The move, the source pointed out, was the direct result of revelations made in the Sunday Times. The source declined to comment on who had issued the suspension order or whether other proposals, if any, would be subjected to Cabinet scrutiny. More>> (Source: Sunday Times)

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.

More>>
(Source: LBO)

Careful when buying land - Minister

Minister of Lands and Land Development, Janaka Bandara Tennakoon today warned people asking them to be extra careful when buying lands in certain districts. He added that there were a lot of Government lands in the below mentioned Districts and that he was made to aware of a racket where state lands were being sold.

The Minister added that the racketeers were showing fake deeds to entice buyers.  

The Districts are Puttalam, Anuradhapura, Rathnapura, Moneragala, Nuwaraeliya, Ampara, Trincomalee and Hambantota.

(Source: Ada Derana)