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Sri Lanka’s Hayleys says twin towers need government concessions

ECONOMYNEXT- Hayleys Plc, one of Sri Lanka’s largest companies, said that its twin tower office complex is commercially unviable, unless the project receives government concessions.

Executive Director Sarath Ganegoda said that Hayleys is not actively seeking government concessions, but said that some large private sector developments had received concessions in the past as strategically important projects.

"Some time ago a few projects got strategic important status and concessions."

"We’re ready to kick off the project provided it becomes commercially viable, if we get the same concessions given to projects which were given strategic important status," Ganegoda said.

In Sri Lnaka strategically important projects received long-term tax holidays and duty free import of raw materials, while the common man had to pay more to build houses due to high protectionist tariffs for building materials.

Hayleys Chairman and Chief Executive Mohan Pandithage said that the project has received all regulatory approvals.

The project titled the ‘World Export Centre’ is expected to built on Hayleys’ current office premises.

According to Hayleys’ plans, the twin towers would have 55 floors each, with 3.8 million square feet of commercial Grade A office space. It would have 3 floors of retail space and amenities.

The towers will provide working space for 20,000 employees, with parking for over 2,000 vehicles, according to Hayleys’ plans. (COLOMBO, 13 August, 2018)





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