The Board of Investment (BOI) said yesterday it has signed an agreement for a $ 450 million (nearly Rs. 60 billion) project for a prestigious mixed-development tower complex, with Krrish Group of New Delhi, India.
Krrish Group is a diversified company whose activities span a wide range of sectors. One of its best known products is Cobra Beer, which is one of the fastest selling brands in the UK. It is also a leading real estate developer in New Delhi best known for ultra-luxurious residential projects.
Under the agreement, the investor will build a sprawling complex that will consist of four 80-storey towers at Transworks Square in the Fort District of Colombo. The land will be provided to the investor under a 99-year lease. It is estimated that over 1,300 direct and indirect employment opportunities will be created through this project.
The project is for a mixed development complex which will include high-end residential apartments and office space. Among the facilities that the complex will provide include a club lounge for high end customers, a state-of-the-art spa and an equally state-of-the-art business centre, with ultra-modern facilities.
The fourth tower will be consisting of a retail shopping complex and office complex and also a 7-star hotel for high end customers. The complex will have facilities which will be on par with the highest world standards.
It is also interesting to note that the project will lead to the preserving and upgrading of the striking Transworks Building, which is an iconic building dating back to the British colonial era. The Transworks Building will be under this plan, renovated to become a heritage building and will be housing a classic hotel.
BOI Chairman and Director General M.M.C. Ferdinando said: “This is a very significant investment from India which will result in the revitalizing of the Fort area of Colombo that is already undergoing many changes with the construction of new hotels and other improvements to this economically vital part of the city. This project will contribute to making Colombo an attractive destination for business and help attract trade and investment from Fortune 500 companies. One of the strategic objectives of the Government is to make Sri Lanka a commercial hub in the region and modern infrastructure is a pre-requisite in achieving that objective.”
Furthermore, another strategic objective of the Government is to achieve 2.6 million tourist arrivals by 2016, hence the complex will contribute immensely in achieving that objective.
A project of this magnitude will also utilise local employees and infuse new knowledge into the local construction industry. This technology transfer will create new capabilities in Sri Lanka.