Wills Realtors secures 3 acre Rajagiriya land on 99 year lease at Rs. 1.44 bln for iconic complex
Wills Realtors (Pvt) Ltd, a company formed under the chairmanship of Sri Lanka’s World Cricket Cup 1996 winning captain Arjuna Ranatunga has paid a down payment of Rs.1.44 billion for a 3 acre block of land at the rate of Rs. 3 million per perch in Rajagiriya on 99 year lease from the Urban Development Authority (UDA), CEO of the company Sashi Danatunga told the Business Times.
This money was raised through investments of shareholders of Vivanta Associates, main collaborator of the project, he revealed.
He noted that Mr. Ranatunga had stepped down from the chairmanship of the Wills Realtors after assuming office as Ports and Aviation Minister of the caretaker government.
The 14 member world cup winning team has been appointed as brand am- bassadors of the project; he said adding that Prasad Sirimanne is the new chairman of Wills Realtors which has been given a 3 acre block of land at Rajagiriya for the project by the UDA on 99 year lease.
Shreepati's Edifice (Pvt) Ltd incorporated in Sri Lanka, is a subsidiary company of Shreepati Build Infra Investment Ltd of India is a SPV (Special Project Vehicle) for the iconic project.
The Indian company is involved in promoting, marketing and providing technical know-how for this project in India, Mr Dhanatunga disclosed.
The project announced last week by the Board of Investment (BOI) only referred to India’s Shreepati Edifice (Pvt) Ltd signing an agreement with the BOI to invest US$ 330 million to construct a mixed development project named ‘96 Iconic Tower’.
He revealed that the world cup winning team headed by Mr. Ranatunge will be given free apartments at the apartment complex with housing facilities for 180 families at the iconic building for cricket with architecture that will highlight and record for the future the great World Cup victory at Lahore, Pakistan in March 1996.
Permanent residency permits will be given to non Sri Lankan residents who purchase apartments at the complex, he said adding that necessary procedures will be devised in consultation with government authorities.
Shreepati Edifice has made an investment of $ 40 million, he said, adding that the Indian company has considerable experience on construction management, structural stability, planning, services, its orientation and utility.
Mr. Dhanatunga disclosed that of the initial investment of $330 million, $100 million will come in the form of equity while the balance will be in loans from Advent Finance of Hong Kong. The contractor will be Hong Kong-based Korean company COSCO. Iranian Architect Reza Kabul has designed the plan and the structure of the building is tubular with four cricket bats and a ball at the top, four multiplex cinemas and all 92 penthouses will have a swimming pool each, he added.
The project will also include a helipad, memorabilia museum, and indoor net for cricket practices.
The high-rise iconic tower on completion in 48 months will be the tallest building in the country. The tower will comprise of Ground +96 Floors with an approximate height of 363 meters and when completed with 376 residential apartments, 92 Penthouses and modern amenities like Entertainment Desk, Business Center, Swimming Pool, Gymnasium, Spa, Outdoor Yoga and Sky Decks.