Oct 08, Colombo: Sri Lanka's blue chip conglomerate John Keells Holdings (JKH) has awarded a US$ 522 million contract to a consortium led by South Korea's largest builder, Hyundai Engineering and Construction to build an integrated resort, a media report said.
South Korea's Hyundai E&C said it holds a 65 percent stake in the project, or US$ 339 million while its South Korean partner Keangnam Enterprises, a mid-sized builder, has a 25 percent stake, or US$130 million and the balance by Sri Lanka's Nawaloka, according to a report by Korea's Yonhap news agency.
The project is to be completed by 2017 under a deal with a subsidiary of JKH.
In August, JKH received shareholder approval to proceed with the US$ 650 million Waterfront Development Project to build a luxury multi-function resort in the heart of Sri Lankan capital Colombo.
It will be built in the land owned and occupied by the JKH subsidiaries, Ceylon Cold Stores (CCS), John Keells PLC, John Keells Properties and Waterfront Properties in Slave Island in Colombo.