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DateLine Sunday, 18 May 2008

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Government Gazette

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 tremendous potential.

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 city.”

The investment has not yet been decided on, but it will be quite significant, may be in the region of US$ 250 mln.

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