Ind. firm to build US$ 450mn tower complex
New Delhi-based Krrish Group has recently inked a deal with Sri Lanka’s Board of Investments (BoI) to construct a tower complex worth of US$ 450 million, the BoI said in a statement.
The tower complex named Transworks Towers will have four 80 stories towers surrounding a colonial era administration building, on land belonging to the Urban Development Authority (UDA) under a 99-year lease.
Earlier media reports suggested that the 99-year lease was sold to Krrish Group for Rs.4.9 billion and the towers will be built on a land bordering the Chatham Street, Lotus Road, D.R. Wijewardene Mawatha and York Street.
They also said t hat part of the land has been already leased to the Central Bank and stateowned People’s Bank and is now used as a car park.
“Under the agreement, the investor will build a sprawling complex that will consist of four 80 stories towers at Transworks Square in the Fort District of Colombo. The land will be provided to the investor under a 99-year lease. It is estimated over 1300 direct and indirect employment opportunities will be cre- ated through this project,” the BoI statement noted.
Krissh Group is a diversified company whose activities span a wide range of sectors. One of its best known products is Cobra Beer, which is one of the fastest selling brands in the UK. They are also leading real estate developers in New Delhi best known for ultra-luxurious residential projects.
According to the BoI, the project is for a mixed development complex which will include high-end residential apartments and office space. Among the facilities that the complex will provide include a club lounge for high-end cus- tomers, a state-of-the-art spa and an equally stateof-the-art business centre, with ultra-modern facilities.
The fourth tower will be consisting of retail shopping complex and office complex and also a sevenstar hotel for high-end customers. The complex will have facilities which will be on par with the highest world standards.
“It is also interesting to note that the project will lead to the preserving and upgrading of the striking Transworks Building which is an iconic building dating back to the British colonial era.
The Transwork Building will be under this plan, renovated to become a heritage building and will be housing a classic hotel,” the BoI said.
BoI Chairman/Director M.M.C. Ferdinando said, “This is a very significant investment from India which will result in the revitalizing of the Fort area of Colombo that is already undergoing many changes with the construction of new hotels and other improvements to this economically vital part of the city. This project will contribute to making Colombo an attractive destination for business and help attract trade and investment from Fortune 500 companies. One of the strategic objectives of the government is to make Sri Lanka a commercial hub in the region and modern infrastructure is a pre-requisite in achieving that objective.”