New buildings in Kotte should confirm to that Era: CM

The construction of new buildings, which do not clearly depict the identity of the country or the village should not be encouraged, because constructing them according to foreign plans will not portray our values and can sometimes become health hazards, Western Province Chief Minister Isura Devapriya said. He said all new constructions undertaken by the Western Provincial Council should be in accordance with the Kotte architectural designs. 

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(Source: Daily Mirror)

Krrish to start Phase 1 of the long-delayed mixed development project

Indian real estate Company Krrish Group has forwarded the plan for the first phase construction work of its long-delayed US$650 million mixed development project at 4.3 acre British era heritage Trans works building site in Fort, a top official of the Board of Investment (BOI) said. The BOI is in the process of studying the proposed plan under the Colombo Krrish square mixed development project including the investment for this purpose, newly-appointed BOI Director General Duminda Ariyasinghe told the Business Times.

The project has been downsized from its earlier status to two towers under the present circumstances, official sources revealed.
The construction of the first phase is expected to begin shortly, a UDA official said.  He said that the under the first stage the company will reconstruct the Transworks Building in Colombo to international standard to set up an upmarket shopping area. According to the proposed new plan this will be an international style shopping mall in Sri Lanka, he disclosed.

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(Source: Sunday Times)

S. Korea’s construction giant Kunyoung enters Lanka

Leading Korean construction and real estate company Kunyoung Engineering and Construction entered Sri Lanka launching Kunyoung Ceylon (Pvt) Ltd.

Kunyoung Ceylon, which comes under the umbrella of one of South Korea’s spearheads in construction and engineering having contributed significantly to the rapid development of South Korea and aims to do the same for Sri Lanka’s ambitious development plans.

It also unveiled Amorium, Kunyoung’s eco-friendly premium apartments with assurances of unparalleled quality, state of the art digital system, space aesthetics and environmental-friendly solutions.

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(Source: Daily News)

‘Port city as economic, financial zone’

The Colombo port city will be transformed into a special economic and financial zone subjected to special rules similar to ones being in force in Hong Kong and Dubai, says prime minister Ranil Wickremesinghe.

The formulation of the rules is presently underway, he has told Deutsche Welle radio of Germany in an interview at Davos, Switzerland, where he is attending the World Economic Forum.

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(Source: Sri Lanka Mirror)

Will go ahead with Port City project: Ranil

The government has decided to go ahead with several Chinese funded infrastructural projects, including the Port City Project, Prime Minister Ranil Wickremesinghe told foreign journalists in Davos today.

 “We are going ahead with Chinese funded projects, including the Port City and the next phase of the Hambantota Port. China is an economic power in Asia and is ready to work on some development projects in Sri Lanka,” he said. 

He said Sri Lanka would like China to invest in other sectors, including real estate, and also play a role in developing Sri Lanka as a logistics hub.

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(Source: Daily Mirror)

Krrish finally seals Transworks House land deal in Colombo

Indian real estate company Krrish Group has finally sealed the controversial Transworks House land deal, that drew allegations of huge pay-offs to politicians and officials, signing a lease agreement with the Urban Development Authority (UDA) in October.The new agreement, not known to the public until officials revealed it to the Business Times (BT) on Thursday, involves a block of land slightly smaller in size than the earlier proposed deal. Officials at the Board of Investment (BOI), which has been involved in the negotiations, said they were unaware of the new development but were checking on the query by the BT.

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(Source: Sunday Times)

Sri Lanka to allow Chinese port city project after delay

Sri Lanka is to go ahead with a $1.4 billion Chinese-backed real estate project after some changes to its terms, a minister said on Tuesday, signalling readiness to accept more Chinese investment in the face of a balance-of-payment crisis.

President Maithripala Sirisena's new government suspended the project, which includes apartments, shopping malls, a water sports area, a golf course, hotels and marinas next to Colombo's main port, in March last year citing various irregularities including a lack of proper permits and approvals.

"The port city will be started. We will down-size the proposed land. We have to sign the deal again for the better future of the country," Sujeewa Senasinghe, junior international trade minister, told reporters.

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(Source: Reuters)