By Mario Andree
Ceylon Finance Today: Hong Kong based leisure firm, Shangri-La, which purchased 10 acres outright in 2010, has planned for a third project in Sri Lanka with an investment of US$ 250 million for an apartment complex in the heart of Colombo.
Minister of Investment Promotion Lakshman Yapa Abeywardena told journalists that the Hong Kong based leisure giant, which had almost completed its Hambantota project, had submitted a third project for approval.
However, according to Minister Abeywardena, the project location was still unknown as the company was looking at a few lands and the Valuation Department had to complete its task for the project to go ahead.
Shangri-La entered Sri Lanka in 2010 purchasing 10 acres facing the Galle face, previously occupied by the Ministry of Defence for US$ 125 million, for a US$ 500 million seven star hotel project.
The company purchased the 10 acre land with an initial payment of US$ 75 million for six acres, and a second payment of US$ 50 million in April 2011 for the balance four acres.
According to Minister Abeywardena, despite much criticism, the Shangri-La Colombo project was intact, and would be completed by end 2017.
Shangri-La Colombo was supposed to be completed by end next year; but according to the Minister the project size and the investment had increased to US$ 650 million. He said, there were several delays on the part of the government which halted the project for two years, and that an extension was given considering these delays.
www.ceylontoday.lk
Minister of Investment Promotion Lakshman Yapa Abeywardena told journalists that the Hong Kong based leisure giant, which had almost completed its Hambantota project, had submitted a third project for approval.
However, according to Minister Abeywardena, the project location was still unknown as the company was looking at a few lands and the Valuation Department had to complete its task for the project to go ahead.
Shangri-La entered Sri Lanka in 2010 purchasing 10 acres facing the Galle face, previously occupied by the Ministry of Defence for US$ 125 million, for a US$ 500 million seven star hotel project.
The company purchased the 10 acre land with an initial payment of US$ 75 million for six acres, and a second payment of US$ 50 million in April 2011 for the balance four acres.
According to Minister Abeywardena, despite much criticism, the Shangri-La Colombo project was intact, and would be completed by end 2017.
Shangri-La Colombo was supposed to be completed by end next year; but according to the Minister the project size and the investment had increased to US$ 650 million. He said, there were several delays on the part of the government which halted the project for two years, and that an extension was given considering these delays.
www.ceylontoday.lk
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