Construction industry hits a brick wall

Construction industry representatives say that the recent cement price increase would have a devastating effect on their projects.�“The current situation is a blow to the entire construction industry, as the recent price increase is the second for this year”, Sri Lanka institute of Architects Registration Board Chairman Architect Jayantha Perera told the Sunday Times.
He said not only contractors, but laborers in the industry, such as bricklayers and helpers, as well as subcontractors who are raw material providers, cement product providers and others involved with the construction industry, will be badly affected by the price increase.

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(Source: Sunday Times)

Hyatt International to manage Hyatt Regency Colombo at Celestial Towers

Hyatt International South West Asia Ltd, affiliated to Hyatt Hotels Corporation entered into a management agreement with Sinolanka Hotels and Spa on Friday to manage the Hyatt Regency Colombo hotel at the state-acquired Celestial Residencies, better known as Celestial Towers, at Kollupitiya.

The site is one of the iconic properties of collapsed Ceylinco group of companies and was acquired under the Revival of Under performing Enterprises and Underutilized Assets Act as an under performing asset.

The project, expected to be completed by December 2013, will be developed as a five-star luxury hotel complex consisting of approximately 565 rooms with around 94,000 square meters in built up area and 43 stories in height.

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(Source: Sunday Times)