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.
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Director, Jugal Khetawat said the tower will have 69 stories with two basements, making it the tallest tower so far planned in Colombo.
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"In Sri Lanka the economy is growing.

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There has been unrest for all these years," director Jugal Khetawat said.
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"Fortunately today there is peace in the country. The economy is bound to grow. We thought this would be a good opportunity.

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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.

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

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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.

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

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