Sri Lanka’s JKH to continue the Waterfront property project

Jan 30, 2015 (LBO) – Sri Lanka’s John Keells Holdings said it will continue the Waterfront property project as planned despite the new government’s amendment to restrict the ability to rent space for gamin facility.

The company said this in a stock exchange filling today.

JKH says even though the proposed amendment will constrain the ability to command premium rentals on this component of the project the company will engage with the government in this regard.

“Whilst the proposed amendment will constrain the ability to command premium rental on this component of the project, the multi-faceted nature of this development gives your board the confidence that the project will still be viable given its diverse portfolio of revenue streams and iconic design which we believe will transform the landscape of Colombo,” JKH said in the statement.

“As such, the project will continue as planned.”

Construction work on the project has already started on freehold land at Glennie Street in Colombo.

JKH said the project has been branded as ‘Cinnamon Life’ and demand for both residential and commercial spaces continues to remain encouraging.

The project will comprise a hotel, retail arcade, conference centres, commercial office space and residential apartments.

Sri Lanka’s Prime Minister yesterday said that government has decided to withdraw tax concessions given to three new casino projects.

The projects are by Queensbury Leisure Ltd, Lake Leisure Holdings (Private) Limited and Waterfront Properties Ltd., a project by John Keells Holdings.