Apr 28, Colombo: Sri Lanka's John Keells Holdings (JKH) said it has commenced the construction of the waterfront development project following its approval by the Sri Lankan parliament.
In a stock market disclosure today, the JKH said the Integrated Resort Project undertaken by Waterfront Properties (Private) Limited, a subsidiary controlled by the JKH, has received approval from the parliament, under the Strategic Development Projects Act No. 14 of 2008, as published in the Gazette dated 30th January 2014.
The Company announced that the project site has been handed over to the contractor and the construction has commenced.
JKH plans to build a luxury multi-function resort at a cost of over US$ 650 million in the heart of Colombo 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.
The company will develop, own, manage, operate, sell, lease and rent a luxury multi/mixed-use integrated resort.