China and Sri Lanka decide to make Port City into a financial hub as part of 20 year plan

China and Sri Lanka have decided to redefine the controversial Colombo Port City project by making it an international financial outpost in the Indian Ocean, as part of the 20-year framework plan.

An upbeat Sri Lankan Prime Minister Ranil Wickremasinghe said during a media conference on Saturday that from a real estate project, a decision has been taken to develop the Port City into a financial hub in the Indian Ocean. “Sri Lanka has been planning to establish a financial and business hub in the Indian Ocean and we selected the port city to be the location (for this). So from a landfill and real estate (project), it has become a financial hub.”

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(Source: The Hindu)

Lanka, China agreed to speed up port city project

After stalling the Colombo Port City project for a year, Sri Lanka and China had agreed to "speed up" the USD 1.5 billion Chinese-funded venture besides endorsing the ambitious Maritime Silk Road, the PTI reported today. Prime Minister Ranil Wickremesinghe - who received a red carpet welcome at the Great Hall of People - held talks with his Chinese counterpart Li Keqiang after which the two sides signed seven agreements.

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(Source: Daily Mirror)

China’s ‘Port City’ in Sri Lanka to go ahead, land on lease, not freehold: Malik

Sri Lanka has sorted out differences with China on major projects with the biggest, a 1.4 billion US dollar ‘Port City’ real estate reclamation, about to be given approval, a minister said.

“We discussed all outstanding issues, all outstanding matters have been resolved,” declared Malik Samarawickrama, Minister of Strategic Development and International Trade, referring to his recent visit to China.

“Now it’s all systems go as far as China is concerned.”

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(Source: Economy Next)

Asset Homes to enter the real estate segment in Sri Lanka

Kerala-based realty major Asset Homes is all set to enter the real estate segment in Sri Lanka. It is in discussion with Sri Lankan government to develop residential townships in Colombo, in collaboration with the government. 

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(Source: Economic Times)

JKH to delay Cinnamon Life project

Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) said the completion of the Cinnamon Life project, previously Waterfront, would be delayed till 2019. 

Previously the project was slated to be completed in 2017. John Keells Chairman Susathan Ratnayake said the US $ 850 million project had seen some “unforeseen delays” and would be completed only in 2019. 

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(Source: Sunday Times)

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)