June 25, 2015 (LBO) – Sri Lanka’s Waterfront properties limited, a subsidiary of John Keells holding said it has finalized a syndicated project development facility amounting to 395 million US dollars with Standard Charted bank, concluding the required debt finance for the project.
The financing will be utilize for developing the waterfront project in the Sri Lanka.
Waterfront Properties, which involves a high end hotel, shopping mall, entertainment, commercial space and apartments, has an estimated investment of 650 million US dollars for the first stage going up to 850 million US dollars at completion.
Its parent, John Keells Holding has already raised equity by a cash call from local and foreign investors.
The project is the single largest project undertaken by a private Sri Lankan firm.
JKH says “Waterfront” is placed to cater towards the emerging requirements of the contemporary tourist and the increasing Meetings, Incentives, Conferences and Exhibitions (MICE) traffic, particularly from India, with services, products and facilities that are on par or exceed those of other regional destinations.
“This, I am confident, will enable us to attract the high spending segment of tourists which Sri Lanka has hitherto been unable to satisfy. It is indeed this vision of Colombo as a hub for business and leisure travel which was at the heart of conceptualising the “Waterfront” Project.” Susantha Ratnayake, Chairman of the John Keells Holdings told shareholders in its latest annual report.
Construction work on the project has already started on freehold land at Glennie Street in Colombo.