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.