UK based Global Towers opens its flagship hotel on the coast, but says buffer zone could hold up Rs. 1.5 bn in new investment.

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

UK based entrepreneurs Global Lanka Holdings opened its flagship hotel in the heart of the city, but says the new 100 m buffer zone could hold up Rs. 1.5 bn in future investment. UK based entrepreneurs Global Lanka Holdings opened its flagship hotel in the heart of the city, but says the new 100 m buffer zone could hold up Rs. 1.5 bn in future investment.

The Rs. 650 mn Global Towers Hotel along Sri Lanka’s beachfront in Wellewatte opened just before the tsunami ravaged Sri Lanka’s Eastern and Southern coastal towns.

But two new hotel projects, one in Ambalangoda has had to go back to state officials for approval after a directive restricting any new construction within 100 m of mean sea level.

“We are to make a further investment of Rs. 1.5 bn in the second phase of Global Towers, which will be next to the first one. We have acquired the land but have had to put the project to officials for approval again,” Managing Director of Global Investments, Phylix Selvadurai said.

The project is to be funded through 40 percent equity, 30 percent bank borrowings and 30 percent pre-sales, Selvadurai says.

Three other projects are in the pipeline, one in Ambalangod