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| Sunday, 28 December 2003 |
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| News Business Features Editorial
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Mega residential and commercial project by Hiran H. Senewiratne A mega residential and commercial project to change Colombo's skyline has been undertaken by the Ceylinco Group, it was revealed at a news conference recently. F and G Property Developers (Pvt) Ltd., a member of Ceylinco Consolidated, will embark on Serendib Residencies, a three billion rupee mixed apartment project, at Darley Road, Colombo very soon. The project will come up as three towers on a 360-perch land, which was previously owned by the Browns Group of Companies. F and G Property Developers purchased the land from Browns recently for Rs 200 million, said Chairman, Ceylinco Consolidated, Dr Lalith Kotelawala. "It will boost Sri Lanka's image as a highly commercialised hub in the region in the decades to come and it will also take a unique place in the country's construction sector as local expertise will be used for the entire project," said Dr Kotelawala. The Memorandum of Understanding for the project was signed between Dr Kotelawala and Chairman, Browns Group, Chrisantha Cooray. The project will be directly supervised by F and G Property Developers, its Deputy Chairman, Mervyn Jayasinghe said. He said 120 apartments will be constructed at each tower. The entire project is expected to be completed within five years. A 40-foot wide road will connect the site from Darley Road. Parking, shopping and other facilities will also be accommodated, he added. Cooray said the location is suitable for such a project as it is in the heart of the commercial area in Colombo and the buyers will gain value for money. |
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