JKH starts work on Waterfront project

Thursday, 13 February 2014 00:18 - - {{hitsCtrl.values.hits}}

John Keells Holdings (JKH) Group has started work on the $ 650 million integrated resort Waterfront Properties Ltd., the country’s largest private sector investment. JKH subsidiaries John Keells (JKL) and Ceylon Cold Stores (CCS) announced yesterday that Waterfront Properties Ltd. (the project company) has informed the companies that several of the requisite approvals for the project have been obtained and that a decision has been taken to commence work on the project. Consequently, JKL and CCS have transferred the freehold land occupied by the companies at Glennie Street, Colombo 2 to the project company in consideration of Rs. 1.916 billion and Rs. 5.393 billion respectively of equity in the project company based on valuations received and approved by the Board of Directors on 10 July 2013.

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