Liberty Plaza under major refurbishment, new apartment complex underway

The proposed Liberty Towers and Retail Mall would see a new mall with a twin tower service apartment development. The retail podium will link directly with the adjoining Liberty Plaza Expansion project, forming an integrated retail experience between the two malls, while the service apartment towers would sit on top of the podium.

At the two towers, the serviced apartments would comprise 240 apartments on 21 apartment floors.
Some 50% of the unit mix consists of two-bedroom apartments, with the rest being one-bedroom, three-bedroom and penthouse units.

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(Source: Sunday Times)

War-displaced landowners can claim property

Absentee land and property owners in the once war-ravaged north and east will be able to reclaim ownership under a new law, Justice Minister Rauff Hakeem said yesterday.

There will be an independent mechanism to settle disputes connected with land and property, he told the Sunday Times. In terms of existing laws, he said, a person holding uninterrupted “adverse” possession for ten years is entitled to ownership.

The 30-year-long separatist war led to persons occupying land or holding immovable property like houses after the owners were displaced or disadvantaged, he said. Mr. Hakeem was in Kuwait yesterday.

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(Source: Sunday Times)

Star hotel near BIA, China frontrunner

he Government has decided to build a luxury hotel near the Bandaranaike International Airport.
The frontrunner identified to undertake the construction project on a build-operate-and transfer basis is the China Harbour Corporation.
The second is Quant International Ltd., a British firm and Finco (Pvt.) Ltd., a Sri Lankan company. They have been listed in that order by the Airport and Aviation Services Limited (AASL).

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(Source: Sunday Times)

Sri Lanka looks to restore war zone property

Sri Lanka is to bring in special property laws to protect the rights of hundreds of thousands of people displaced by the island’s Tamil separatist war, a justice ministry official said yesterday.

The measure could see absentee owners, or their heirs, looking to reverse decades of possession by other people in both the conflict-wracked north and east of the country and elsewhere.

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(Source: FMT)

Hemas, buoyed by tourism outlook, plans to develop 43-acre hotel property Tangalle

Hemas Holdings, buoyed by the growth and outlook in Sri Lanka’s tourism sector, is reviving plans to develop its 43-acre property in Tangalle in the coming year, according to Husein Esufally, its Group CEO.
“In the past the group has been actively investing in hospitals, hotels and power, with a long term focus. Over the past five years, group investments have exceeded Rs. 5 billion.

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(Source: Sunday Times)

Laugfs planning unique 5-star hotel at Kalutara

The Laugfs Group’s leisure unit is planning a unique 5-star hotel, considered to be a one-of-a-kind in Sri Lanka, at its 15-acre beachfront land at Waskaduwa, Kalutara.

This would be the second in the chain of hotels under Laugfs Leisure Ltd which will be operational in the season 2013/14. The first hotel in the chain is being constructed in Chilaw and its progress is on target and also expected to be commercially operational by the latter part of the financial year 2012/13, the group said in discussing its annual accounts for the year ending March 31, 2012.

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(Source: Sunday Times)

Sri Lanka’s tallest tower in the making

Sri Lanka will have a new skyline when construction on the country’s tallest tower begins in August. The 64 floor condominium will be constructed by Indocean Developers (Pvt) Ltd.

For the first time in Sri Lanka, it would have a roof top, 150-metre infinity swimming pool, observation deck, restaurants and a sky park.

Located opposite the Beira Lake, on a 10 acre land in the old Commercial Company premises, it would have 400-apartments and the total investment would be around Rs. eight billion. A venture of Indian property group South City Projects (Kolkata) Pvt. Ltd will get underway in August and would be completed in three years. In their first overseas venture, SCPKL has commissioned world renowned architect Moshe Safdie and his team at Safdie Architects to design an iconic residential tower.

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(Source: Daily News)