Monday Jan 19, 2026
Monday Jan 19, 2026
Monday, 19 January 2026 04:56 - - {{hitsCtrl.values.hits}}
The liquidator of The One Transworks Square Ltd., has invited offers for the Krrish Building project, a large-scale mixed-use development in Colombo, which is currently under liquidation.
The project has been marketed as a strategic investment opportunity comprising luxury hotels under The Ritz and JW brands, branded residences, office space, and high-end retail within a single landmark development.
According to the project summary, the development consists of three main towers with a combined construction area of 5.23 million square feet and an original estimated construction cost of $ 665 million. Development and design costs are estimated at a further $ 47 million, taking the total project value to
$ 712 million.
Tower A and the podium span approximately 3.2 million square feet across 84 floors and were planned to house a The Ritz-branded hotel and residences. Tower B covers 843,368 square feet over 74 floors, designated for a JW-branded hotel and residences, while Tower C extends over 1.19 million square feet across 94 floors, comprising JW-branded residences and office space.
Work completed to date is estimated at approximately $ 85 million, excluding land. The original cost of the land is stated at $ 17 million, equivalent to Rs. 5.1 billion.
The liquidator has invited proposals either to invest in and restructure the company or to purchase the improvements and leasehold rights of the company under liquidation.
Financial proposals are required to include a concept paper, a bank comfort letter, an investor profile, and evidence of experience in handling large-scale projects.
The deadline for submission of offers is 28 February.
The project commenced during the tenure of President Mahinda Rajapaksa whose son, Namal, an MP, faces charges of accepting Rs. 70 million from Krrish India’s Sri Lankan subsidiary to develop rugby in Sri Lanka.
The Colombo High Court last month fixed 16 February for further proceedings in the case filed against Namal Rajapaksa over the alleged misappropriation of Rs. 70 million linked to the Krrish transaction.
The Attorney General had instituted criminal proceedings against Rajapaksa in relation to the alleged misappropriation of funds provided by Krrish Lanka Ltd., an Indian real estate company. According to the indictments, the Rs. 70 million had been granted for the development of rugby in Sri Lanka. The prosecution alleges that the funds were misappropriated, leading to the charges now before the High Court.
