Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's John Keells to commence work on Waterfront Development Project
Thu, Feb 13, 2014, 01:07 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 12, Colombo: Sri Lanka's John Keells PLc said Waterfront Properties Ltd. has received several of the requisite approvals needed for the Waterfront Development Project and the company has decided to commence the work on the project.

In a stock market disclosure to the Colombo Stock Exchange on July10, the John Keells PLC said it has submitted plans to the government for a project to build a luxury multi-function resort at a cost of over US$ 650 million in the heart of 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.

The company will develop, own, manage, operate, sell, lease and rent a luxury multi/mixed-use integrated resort.

After getting the approvals, the John Keells has transferred the freehold land it occupied at Glennie Street in Slave Island to the Waterfront Properties for Rs. 1.916 billion of equity in the project company based on the valuations received and approved by the board on July 10, John Keells said in a stock market disclosure Wednesday.

The Ceylon Cold Stores also has transferred the freehold and leasehold rights of the land it occupied at Justice Akbar Mawatha and Glennie Street in Slave Island to the Waterfront Properties for Rs. 5.393 billion of equity in the project company.

The Project Company Waterfront Properties, whose major shareholders are the John Keells Holdings and its subsidiaries, entered into an agreement with Sri Lanka's Board of Investment (BoI) to facilitate the required approvals.

** Related Story :: Sri Lanka\'s John Keells to build over US$ 650 million luxury resort complex in Colombo

ColomboPage - Recent 10 Stories
Sri Lanka Customs nab man attempting to smuggle jewellery worth millions
-- [5 hours ago]
Sri Lanka exports expected to rise after regaining GSP+ status
-- [6 hours ago]
Waste management of Colombo city assigned to Western Province Chief Minister
-- [6 hours ago]
Sri Lankan President congratulates UN Youth Envoy Jayathma Wickramanayake
-- [7 hours ago]
Japanese ambassadors in five SAARC countries meet Sri Lanka Foreign Minister Ravi Karunanayake
-- [8 hours ago]
Lasith Malinga to face inquiry for breach of contract terms
-- [8 hours ago]
Australia sends Sri Lankan boatpeople home
NDBIB becomes Lanka's first investment bank to manage offshore IPO
Tamil Nadu CM writes to Indian PM seeking immediate release of fishermen 'abducted' by Sri Lanka Navy
French Naval Ships 'Mistral' and 'Courbet' leave Sri Lanka

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.