Sri Lanka’s tallest tower for US$250mn by India property group

May 28, 2012 (LBO) – Indocean Developers (Pvt) Ltd, a company backed by India’s South City Projects (Kolkata) Ltd, will begin work in September on a 400-apartment tower that will have a project value of 250 million US dollars, officials said. Director, Jugal Khetawat said the tower will have 69 stories with two basements, making it the tallest tower so far planned in Colombo.

“In Sri Lanka the economy is growing. There has been unrest for all these years,” director Jugal Khetawat said.

“Fortunately today there is peace in the country. The economy is bound to grow. We thought this would be a good opportunity.”

It is one of the first overseas groups to invest in Sri Lanka following the end of a 30-year war in 2009.

Is the first international project by the Kolkata based property group.

“We were looking to enter the Sri Lanka property market and saw this as a suitable opportunity,” Pradeep Sureka said.

The Indian developers bought a two-acre, land facing Colombo’s ‘Beira Lake’ for 23 million Us dollars from Sri Lanka’s urban development agency which is creating a lakefront promande as part of its efforts to beautify the city.

The 400-apartment project is slender and tall, with the front section facing the