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Sat, 25 October 2014 10:25:57
Sri Lanka entry by Singapore's SilverNeedle hotels
19 Feb, 2013 15:34:42
Feb 19, 2012 (LBO) - Singapore-based SilverNeedle Hospitality said it is entering Sri Lanka with a 200 room hotel as part of a 100 million US dollar joint venture mixed development with the island's Abans group.
The hotel will be built on land leased for 99 years from Sri Lanka Urban Development Authority.

The project involves a SilverNeedle's NEXT branded hotel targeting business travellers, a 4-story mall and a 30-storey condominium tower.

"South Asia is a strong priority market for SilverNeedle Hospitality and we look forward to entering the market with ABANS Group as a partner," managing director SilverNeedle Hospitality, Iqbal Jumabhoy said in a statement.

"This mixed use project plays to SilverNeedle Hospitality’s significant capabilities in the property development space."

Abans is a group with 250 million US dollar a year in revenues and says it is the largest consumer durables reteauler in Sri Lanka with 440 company owned stores.

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READER COMMENT(S)
1. Shakeel Feb 20
That's awesome news. Hope it wont be another Mustafa story as recent times Singaporean companies been speculated to invest but never comes through. Abans been hunting for a JV and this would be an ideal entry.