Category: Real Estate & Construction
World Bank provides USD55mn to develop Jaffna
Jun 02, 2016 (LBO) –The World Bank has approved a 55 million US dollar loan to Sri Lanka to improve urban services, preserve cultural and environmental assets and improve livability in Jaffna. “The loan will add development of rapidly urbanizing Jaffna to the existing Strategic Cities Development Project (SCDP), which is supported by the World […]
Access Engineering invests Rs800mn in property developer
June 01, 2016 (LBO) – Sri Lanka’s construction giant Access Engineering has invested 800 million rupees to buy 50 percent stake of a property developer to strengthen its presence in property development sector. Access Engineering said in a stock exchange filing that the developer, Blue Star Constructions private limited, is the beneficial owner of over […]
Sri Lanka to sign MoU with Singapore’s Surbana Jurong to develop Trinco
Jun 01, 2016 (LBO) – Sri Lanka’s Minister of International Trade said that Surbana Jurong, a firm specializing in urbanization and infrastructure development, will sign a memorandum of understanding with the government to develop Trincomalee. “Surbana Jurong will also be developing a Master Plan for the Trincomalee region,” Malik Samarawickreme, minister of development strategies and international […]
Sri Lanka signs MOU with Siemens to develop Megapolis smart cities
May 30, 2016 (LBO) – Siemens, a German electronics and industrial conglomerate, has signed a memorandum of understanding with the Megapolis Ministry to offer sustainable, smart city solutions for Sri Lanka. “We are extremely happy to partner with Siemens whose expertise and technologies will contribute to the Western Province’s intensive efforts to eliminate congestion pressures […]
Sri Lanka’s MTD Walkers losses up on rising costs
May 30, 2016 (LBO) – Sri Lanka’s infrastructure solutions provider MTD Walkers posted losses of 266 million rupees in the March 2016 quarter, up 333 percent from a year earlier, amid engineering segment losses with rising sales and finance costs, interim accounts showed. The troubled firm reported losses of 1.59 rupees per share against the […]
MTD Walkers expands to Maldives
May 16, 2016 (LBO) – Integrated infrastructure and engineering solutions provider MTD Walkers announced today that it has expanded its operations to the Maldives. Walkers CML International (Private) Limited, a subsidiary of MTD Walkers PLC was incorporated in the Maldives to meet the growing demand of infrastructure development activities in the country. The group also […]
Rajagiriya flyover work to commence July 2016: Harsha
May 16, 2016 (LBO) – Work on the proposed Rajagiriya Flyover will commence from July 2016 and be completed by 2018, a senior official said. “It gives me great pleasure to announce that as an interim solution to the total traffic solution in the Megapolis plan, we will soon start work on the Rajagiriya Flyover,” […]
Megapolis should avoid mistakes by other South Asian cities: CCC Chairman
May 04, 2016 (LBO) – The Chairman of the Ceylon Chamber of Commerce says Sri Lanka should avoid mistakes made by other South Asian cities, when developing the proposed Western Megapolis Project. “A center piece of the government’s economic development agenda – the Western Region Megapolis project is set to have a massive urban infrastructure […]
Mawilmada to head Sri Lanka Megapolis investments
May 04, 2016 (LBO) – Nayana Mawilmada has joined Sri Lanka’s Western Region Megapolis Planning Project (WRMPP) as head of investments, leaving his role as director general of the Urban Development Authority. Aside from continuing to lead some of the planning efforts, Mawilmada will function as the primary interface between the Megapolis project and potential […]
Sri Lanka Lotus Tower land deed still not cleared
Apr 26, 2016 (LBO) – The Lotus Tower or Nelum Kuluna’s land is still in dispute and awaiting approval from the Urban Development Authority, a senior official told Lanka Business Online. “We are still waiting for the land issue to be sorted, it needs to be cleared by the Attorney General’s Department and then the […]
Paranthan Factory reconstruction starts this year with Rs525Mn
Apr 25, 2016 (LBO) – A now defunct Lankan chemical pioneer is to be revived and construction work shall start before the end of this year to revive the historic manufacturing giant, a minister said. “We have earmarked Rs 525 Mn to start work on the Paranthan Chemicals Factory in Kilinochchi, The construction work will […]
Decisions under Sri Lanka’s Megapolis are ad-hoc: Prof Kumarage
Apr 08, 2016 (LBO) – Decisions and actions under Sri Lanka’s Megapolis have been ad-hoc and have not received sufficient debate and evaluation, a transport sector expert charged. Professor Amal Kumarage, a senior professor at Moratuwa University, speaking at a Verité Research seminar said the Megapolis initiative is based on unsustainable high-cost and long-term solutions. […]