CATIC to develop skyline hotel and multifunctional complex in Colombo

China National Aero Technology Import and Export Corporation (CATIC) intends to purchase land around the Galle Face area, to build a multifunctional complex comprising a five star hotel and a shopping mall with direct investment of nearly US $500 million.

On a proposal by the Minister of Economic Development, Basil Rajapaksa, cabinet approved this project proposal to be proceeded on the basis of agreement concluded with the earlier investor Shangri-La Hotels Lanka (Pvt) Ltd.

The planned development in this area has already attracted another investment of around US $500 million from Shangri-La Hotels Lanka (Pvt) Ltd., which proposes to build a 500 room hotel. Residencies and shopping complex to be completed by 2013.

The total foreign investment on these two projects will be around US Dollars, 1000 million.