JKH, AMW and Finlays to build mini-city
John Keells Holdings PLC, Associated Motorways PLC and Finlays
Colombo PLC entered into a Memorandum of Understanding (MoU) to
undertake a feasibility study for the combined development of their
properties which are adjacent to each other in Colombo 2.
The combined extent of the site would be over 1,060 perches with road
frontage from Union Place and Vauxhall Street. The development would be
planned as a city within the city overlooking the water front of the
Beira Lake and would consist of residential, commercial, retail and
recreational facilities built to the most up-to-date standards.
Commenting on the initiative, Chairman, John Keells Holdings,
Susantha Ratnayake, expressed his commitment to the development of the
city of Colombo and its infrastructure and reiterated JKH’s commitment
to the property sector.
He said, “The experiences and learning gained from the other property
development within the Group would be invaluable in making this an
iconic project for the city.”
Chairman, Associated Motorways Group, Ajita De Zoysa said, “I have
confidence in the property development industry in Colombo and its
The development of a fully-contained mini-city with all conceivable
facilities and conveniences within its environs and boasting of the most
modern technology would be a boost and a boon to the landscape of the
The investment has not yet been decided on, but it will be quite
significant, may be in the region of US$ 250 mln.