Sep 01, 2015 (LBO) – Sri Lanka’s Abans group says their joint venture Colombo City Center, which began with a 150 million dollar investment, is on track and piling works have been completed.
The joint venture between the local retail giant Abans PLC, and Singapore’s Silverneedle Hospitality, that operates hotels and resorts across the globe, is expected to become a key feature in Colombo’s changing landscape as the city hurtles towards rapid urbanisation and modernization.
Sri Lanka’s current urbanisation rate is set to increase from the 18 percent to 30 percent in the prevailing era of peace and stability, resulting in nearly 2.5 million people moving into cities over the next few years, Abans says.
This number will be further enhanced by the inward migration of a three million strong diaspora.
The company added that the mixed development venture, will contribute towards positioning Colombo city as an emerging modern metropolis in the region and will factor significantly towards overall economic value creation through employment generation, leisure, retail and real-estate incomes.
“In this context, the Colombo City Centre will be a landmark achievement for both Abans and the country as a whole,” Aban Pestonjee, Chairperson of Abans Plc told shareholders.
“I am happy to report that we are on track with our plans, and I would like to take this opportunity to update our stakeholders regarding progress of the Colombo City Centre.”
“The ground breaking ceremony for the complex was held on December 14, 2014 and piling works was also completed.” Pestonjee added.
The multipurpose lifestyle centre is scheduled to complete in early 2018 will consists of a lifestyle retail mall, a 200-room NEXT Hotel and 180 residential units.
Pestonjee says pre sales of apartments has been begun and 54 percent of apartments has been already booked.
“There is strong interest in the project with many inquiries and pre-sales of apartment complexes have commenced.”
“We have also received a number of inquiries regarding retail space within the shopping complex which will have the capacity to host a number of retail outlets and showrooms,”
“We are currently negotiating with some leading international brands on allocation of retail space.” Pestonjee said.