Sri Lanka Crown project land transfer approved

June 20, 2013 (LBO) – Sri Lanka’s cabinet of ministers had approved the transfer of a 50-year lease of state land in the capital Colombo earmarked for the Australia’s Crown group and a domestic partner for 2.78 billion rupees (22 million dollars). . The state information office said two acres of land bordering Colombo’s DR Wijewardene Mawatha and Sir Chittampalam Gardiner Mawatha, will be leased for 2,785 million rupees (22 million US dollars).

Rank Holdings, Crown’s Sri Lanka partner, has been using the land to operate a car park after making a part payment in 2011 while it was negotiating with foreign partners

But now Lake Leisure Holdings (Pvt) Ltd, the project company is constructing a mixed development involving a luxury hotel targeting high end tourists.