Best Western takes on Sri Lanka, Bangladesh

BEST Western International is reaching into key growth markets of Sri Lanka and Bangladesh with a slew of hotels announced for these destinations.

The company will launch its first hotel – a 60-key midscale Best Western property – in Sri Lanka’s capital of Colombo within the next few months.

Glenn de Souza, vice president of international operations for Asia and the Middle East, said: “The potential for tourism in Sri Lanka is huge…International arrivals are multiplying year after year, and with all parts of the beautiful island now open to tourists, the country offers incredible opportunities.”

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(Source: TTG Asia)

Reversal on land sales to foreigners

The Government has sought Cabinet approval for legal exemption to sell 25 acres of land in Negombo, 44 acres in Kimbulapitiya and two roods, 26 perches from Bambalapitiya to a Singaporean Company to establish a private university and related infrastructure, Daily Mirror learns.

The present law does not provide for the selling of private or crown land to a foreign national or a foreign company. Such properties can only be leased out for 99 years under the prevailing regulations.

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(Source: Daily Mirror)

Real estate investment opportunities in Sri Lanka

With the steady growth of the IT/ITeS sector in Sri Lanka, the demand for large office spaces of 15,000-100,000 square feet presents a very promising scenario for commercial space investors. Colombo is the prime hotspot for such investment opportunities. Since cost is a concern in this segment, the demand is skewed towards the more cost-effective suburban locations of Colombo, such as Welisara in the north, Rajagiriya in the east and Ratmalana–Moratuwa in the south.

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(Source: IndiaTVNews)

Krrish must complete project within 3 years or exit : Minister

The government would be forced to cancel the Krrish square project in Colombo if it is not completed within 3 years, a senior government minister said.

“Although the Delhi-based investor requires making a major effort to avoid the dire consequences of failure to make the final payment nothing is impossible if you have money”, Minister of Investment Promotion Lakshman Yapa Abeywardena told a media conference in Colombo this week. More than 18 months have passed since Krrish signed the agreement (August 2012), leaving 2 1/2 years to complete the final lease payment and construction.

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(Source: Sunday Times)

‘Jaffna’s first ever luxury apartment complex’ unveiled

A recently unveiled ‘exclusive niche development’ known as “Tulasi Mahal” is laying claim to the title of “Jaffna’s first ever luxury apartment complex”, according to the announcement by its developer Peninsular Property Developers.

Further, the announcement also noted; “Designed by renowned architect Sujith Mohoti, each apartment is completed with a unique combination of style and functionality. The interiors reflect the requirements and the expectations of the discerning clientele. All

apartments are equipped with the novel concept of 2 bedroom/2 key system, making ‘Tulasi Mahal’ the first development in Sri Lanka to incorporate this special feature.

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(Source: Sunday Times)