Access Engineering invests in Rs10bn mixed development

Jan 11, 2017 (LBO) – Sri Lanka’s Access Engineering has invested 2.295 billion rupees in a joint venture to build a mixed development project at Colombo 15.

The joint venture, Hotel 10 (Private) Limited, comprises of Mustafa’s PTE LTD, China Harbour Engineering Company (Lanka) Limited and Access Engineering PLC.

The company said in a stock exchange filing that they entered into a supplementary agreement with the BOI yesterday.

The development will take place on a five acre land situated at No.250, Srimath Ramanathan Mawatha, Colombo 15.

“This land which overlooks the Colombo port is located 2 kilometers from the City Centre and the Port City Development,” Access Engineering said.

The company said this development under the title “Harbour Village” will comprise of around 250,000 square feet of commercial and recreational areas and around 1,000 dwelling units.

“It will cater to the middle income and upper middle income group with the objective of providing affordable luxury at a prime location.”

The total development cost is estimated at approximately 10 billion rupees.