New Complex

Mar 21, 2007 (LBO) – Sri Lanka’s Ceylino group plans to set a shopping and apartment complex in the heart of Colombo, following Board of Investment approval. .

The complex that is to be built in Nawala, will be a joint venture between Ceylinco Seylan Development Limited and Ceylinco Investment and Realty Limited, the group said in a statement on Tuesday.

Work on the project is to begin in the latter part of this year and is estimated to cost between two and three billion rupees.

The project is to be financed by local investors, Ceylinco said. The Ceylinco group has already developed similar complexes in Veyangoda and Ja Ela.

The plaza will have six floors, 60 apartments and will also be equipped with tropical Sri Lanka’s first ice-skating rink and a 400-seat high-tech cinema.

Plans are to complete construction of the first phase of the complex in two years. Interested retailers could also opt to buy shop space in the new plaza.

“Nawala was chosen for its shop potential,” Jagath Wanigasekera, Manager Engineering at Ceylinco Seylan Developments Limited says.

“The city of Nugegoda does not have a