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 Freedom Party can consolidate freedom to the whole nation - President
-- [6 hours ago]
Nigerian military delegation in Sri Lanka to learn about welfare systems in Tri Services
-- [6 hours ago]
IFIMES presents a high award to Sri Lanka Foreign Minister
-- [7 hours ago]
IFIMES presents a high award to Sri Lanka Foreign Minister
-- [7 hours ago]
Secretary of Sri Lanka Ministry of Justice summoned before Human Rights Commission
-- [8 hours ago]
Sri Lanka to introduce a certified price for rubber
-- [8 hours ago]
Coalition party of Sri Lankan government proposes 40% increase in basic salary for public employees
-- [8 hours ago]
Sri Lanka Election Secretariat to monitor postal voting of Uva Provincial Council election
-- [9 hours ago]
One Health International Conference at Sri Lanka's Peradeniya University
-- [9 hours ago]
Sri Lanka Navy arrests nine Indian fishermen

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.