Lanka’s tallest condominium ready by 2017

Indocean Developers Private Ltd, a company of South City Projects (Kolkata) Ltd. (SCPKL), which has acquired a two-acre parcel of land opposite the Beira Lake to construct the 68-storey upmarket condominium development, is expected to be complete construction by the year 2017. Safdie Architects has been commissioned to design Colombo’s tallest condominium. Indocean Developers Private Ltd. has been floated by SCPKL specifically for the Sri Lanka project.
 
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(Source: The Nation)

Wayamba officials sign up Amaya Leisure for upmarket, wayside restaurant

The Wayamba Development Authority (WDA) of the Wayamba Provincial Council has signed an agreement with hotel and resort group, Amaya Leisure PLC to operate a top-notch restaurant three kilometres away from Kurunegala on the Kurunegala – Dambulla Road just before the Forest Reserve.The company will operated the Badagamuwa Centre which would be a boon to local and foreign travellers, the regional agency said in a media release.


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(Source: Sunday Times)

Colombo suburb land price trends positive : RIU study

Suburbs of Sri Lanka’s business capital Colombo are experiencing positive trends in terms of land prices, according to the second in a series of research reports published by the local office of KPMG in association with Research Intelligence Unit (RIU).The report, entitled “Changing cityscape: Real estate market brief; Issue II – 2012″, revealed that the 14-year average land price in Mount Lavinia was Rs. 629,074 per perch. And that the average land price per perch was Rs. 1.392 million over the last 12 months. However, the report also noted that there was significant variation between different areas of the municipality, while also indicating that land prices in the area had recorded a high of Rs. 3 million per perch.


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(Source: Sunday Times)

Sweeping tax concessions for massive project in Fort

A five-acre extent of land has been allocated to operate a mixed utility complex including a luxury hotel in Colombo Fort under the Strategic Development Project initiated by the Government.The project will be operated by the WelcomHotels Lanka (Pvt.) Ltd. under an agreement entered into by the Board of Investment in May this year.

The total investment on the project is US$ 140 million (about Rs 18 .6 billion). It has been identified as a project of national interest that will bring economic and social benefit and change the landscape of the country.The project company has initially deposited into the account of the Deputy Secretary to the Treasury (Urban Development Fund) an upfront Lease Premium of US$ 73. 5 million (around Rs. 9.8 billion).

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(Source: Sunday Times)

Marriott Hotel to open in Weligama

East West Properties PLC, owned by businessman Nahil Wijesuriya, has signed a hotel management agreement with Marriott International hotel chain to manage the company’s Rs 3 billion hotel in Weligama, which will eventually go public, officials said. Mr. Wijesuriya, Chairman East West Properties PLC told the Business Times that Weligama Hotel Properties Ltd., a fully owned subsidiary of East West Properties PLC, began construction of its first resort hotel, Marriot Weligama Resort and Spa in Weligama Bay in March this year and that it will open under the brand category of Marriott Hotels and Resorts in March 2014.


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(Source: Sunday Times)

Hyatt Regency hotel coming to Celestial Tower

n a new and still unexplained development, Sino Lanka Hotels & Spa Pvt Ltd has taken over the project and plan to install the Hyatt Regency hotel there, a company official at the site said. The Finance Ministry in its 2011 annual report said the partly constructed building was being transformed into multifaceted hotel complex, through a consortium of private and public entities, while compensation is paid to 3rd party stake holders. There was no hint of a transfer of ownership.

Construction work of the Celestial tower building which was halted in 2009 due to funding shortage has resumed, the company official said. He told the Business Times that Hyatt Regency Hotels Ltd will manage the 450-room super luxury hotel at Celestial tower after the completion of the building by contractors, Maga Engineering (Pvt) Ltd.

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(Source: Sunday Times)