Sri Lankaâ€™s Access invests Rs2.3bn in commercial, apartment complex
ECONOMYNEXT – Sri Lanka’s Access Engineering said it has invested Rs2.3 billion in a joint venture with foreign investors to build a commercial and apartment complex overlooking Colombo port two kilometers from the city centre.
The total development cost of the mixed development joint venture, Hotel 10 (Private) Limited, with Mustafa’s Pte Ltd. and China Harbour Engineering Company (Lanka) Limited, is estimated at about Rs10 billion rupees, a stock exchange filing said.
The joint venture partners have signed a deal with the Board of Investment for the development which will take place on a five acre land at No.250, Srimath Ramanathan Mawatha, Colombo 15.
The project, known as the ‘Harbour Village’, will have about 250,000 square feet of commercial and recreational areas and around 1,000 dwelling units, it said.
Access Engineering said the complex will cater to middle and upper middle income groups with the aim of providing “affordable luxury at a prime location”.
(COLOMBO, Jan 11, 2016)