Dec 01, 2010 (LBO) – The Singapore-based Shing Kwan group has re-activated its big Havelock City residential and commercial property project in Sri Lanka with plans to build 800 more apartments, its chairman S P Tao said.
“The nature and scale of development would be similar to those in Hong Kong and Singapore,” Tao said.
The project on a 17-acre land is designed by Shanghai-based architects East China Architectural Design and Research Institute Co.
The project had been delayed by the war in Sri Lanka and global recession which had caused a slump in the property market.
But now the market had revived with about 70 percent of apartments in the first phase sold and interest growing, Tao said.
The group will continue to do more property developments in Sri Lanka and will look around for other opportunities.
Sri Lanka’s Minister for International Economic Co-operation Sarath Amunugama said Tao, whose links with Sri Lanka go back more than 50 years when he first visited the island, had remained a faithful investor even during the war years.
“Tao invested in this country when everybody else did not have that same optimism and same courage,” Amunugama said.