Category: Real Estate & Construction

Feb 11, 2014 (LBO) – A 68-storey lakefront apartment tower tipped to be tallest residential tower in South Asia when completed in 2017 will be built by Shapoorji Pollonji International, a Dubai based construction firm, its promoters said. The ‘Altair’ luxury condominium project by the Beira lake in Sri Lanka’s capital Colombo will be 240 […]

Jan 28, 2014 (LBO) – A 1.3 billion US dollar sea reclamation project by the main port in Sri Lanka’s capital Colombo by a Chinese firm has been given sweeping tax breaks, a government notice said.The Chinese firm will build the city and will give a part of the land to Sri Lanka’s ports agency. […]

Nov 21, 2013 (LBO) – High income earnings professionals who combine in small groups to build housing complexes for themselves will be given a 50,000 tax deduction a month for mortgage payments, the budget for 2014 said.It will apply to doctors, lawyers, engineers, architects and business executives. Profit tax on banking and financial institutions which […]

Nov 14, 2013 (LBO) – Sri Lanka is to sign up 2.0 billion US dollars of property development deals for which tax concessions will be given, investment promotions minister Lakshman Abeywardene said. China Communications Constructions Company will reclaim the sea near Colombo port in a 1.3 billion US dollar project. The 8-year project will be […]

Nov 01, 2013 (LBO) – Organizers of India’s Excon 2013, touted as South Asia’s largest construction equipment fair say Sri Lanka’s construction industry and component makers can benefit from taking part.The show will have 900 exhibitors including 200 construction equipment makers from outside India. “We would like Sri Lankans who are in the construction industry […]

Oct 08, 2013 (LBO) – Sri Lanka’s John Keells Holdings has awarded a consortium led by South Korea’s Korea’s Hyundai Engineering and Construction, a 522 million US dollar contract to build an integrated resort, a media report said. Hyundai E&C has a 65 percent stake in the construction consortium (339 million US dollars), Keangnam Enterprises, […]

Sept 20, 2013 (LBO) – Milcris (Pvt) Ltd, a construction consultancy with Sri Lankan origins which caters mainly to international projects in the Middle East says it is now targeting the domestic market. “We do not want to disturb or we are not competing with local companies. Our competitors are international giants,” De Silva said. […]

Sept 18, 2013 (LBO) – India’s Krrish group has paid another installment for state land given to their project including interest for delays investment promotion minister Lakshman Abeywardene said. The project has become controversial due to payment delays and has come under fire from the opposition for not being awarded on open tender. At the […]

Sept 12, 2013 (LBO) – UltraTech Cement Lanka (Pvt) Ltd, a unit of India’s Aditya Birla group said it had provided 90 percent of the cement for Sr Lanka’s Colombo South Harbhour expansion.It had supplied 160,000 metric tonnes for the project over two years, the firm said in a statement. Kiran Redkar, chief exective UltraTech […]

Sep 09, 2013 (LBO) – Sri Lanka’s Lee Hedges Plc is seeking shareholder nod to sell land worth 1.24 billion rupees to a Chinese led mixed development project. Lee Hedges said it is selling 181 perches of land (about 1.2 acres) to Avic International Hotels Lanka Ltd, promoted by Chinese defence contractor Avic. The firm […]

Aug 05, 2013 (LBO) – A 350 million US dollar proposed casino resort has been told to shift or change its design so that a lake can be seen through the project, a media report said.The land was recently transferred to the project on a long-term lease but the report said had been first given […]

Aug 02, 2013 (LBO) – Balmond Studio Limited, a UK-based firm founded by Sri Lanka-born Cecil Balmond has designed John Keells Holding’s 820 million dollar casino resort development, the company said.The second phase involves a 200 unit apartment block and a 400,000 square feet office tower. JKH said its integrated resort will cater to the […]