Sri Lanka US$450mn tower block by India group to have 88-storeys

Sept 03, 2012 (LBO) – A real estate project by India’s Krrish group in the heart Sri Lanka’s capital Colombo will have four towers including an 80 storey one sitting on a 10-storey podium block, the island, investment promotion agency said. State land around ‘Transworks House’ a British colonial era administration building will be given to the developers on a 99-year lease, the Board of Investment said in a statement.

The Transworks House, in Colombo’s Fort area itself will be renovated and made into a ‘classic hotel’.

The Krrish group has interests in alcohol and real estate.

“This is a very significant investment from India which will result in the revitalizing of the Fort area of Colombo..,” BOI chairman M M C Ferdinando said in a statement.

“This project will contribute to making Colombo an attractive destination for business and help attract trade and investment..”

The BOI said three towers will sit on a 10-storey podium block with tallest having 80-storeys and the other two having 55 floors. The podium block will have two floors for shopping malls, two floors for offices and 8 floors including two basement ones for parking.

The fourth tower will have a high end residential complex, commercial office spac