Singapores Shing Kwan Group, Overseas Realty Ceylons key shareholders, on Friday signed up to develop the former Wellawatte Spinning Mills site.
In a statement, Overseas Realty said they would invest Rs. 150 mn through a joint venture company with the Bank of Ceylon to develop the property.rn
rnShing Kwan Investment (Singapore) Ltd. (Overseas Realtys investment holding company) will control 49 percent of the joint venture, with state-run Bank of Ceylon holding the remaining shares.rn
rnSpread over 14 acres, the project initially hopes to develop two million square feet of high and middle-income houses. Residential facilities will account for 75 percent of the development with 25 percent allocated for retail, commercial and entertainment facilities.rn
rnThe Shing Kwan Group (SKG) is a group of companies, which holds and manages investments on behalf of S P Tao, his family and his investment partners.rn
rnSKGs business activities revolve around real estate and finance (stocks, bonds and venture c