Abans building super luxury hotel on CCC land
Abans Group, a diversified conglomerate in Sri Lanka, is stepping into the tourism sector with plans to build a super luxury hotel at the Colombo Commercial Company (CCC) land facing the Beira Lake at Sir James Peiris Mawatha, government officials said.
The company has made a part payment upfront to lease a block of land on this site that has drawn many bidders in the past, a senior official of the Urban Development Authority (UDA) told Business Times.
In the past at least two big Colombo firms were in the running for land at this site. Another Australian company is now negotiating to purchase the remaining block of CCC land, he said adding that the UDA is getting close to wrap up the deal.
Earlier in May, Indocean Developers (Pvt) Ltd, a venture of Indian property group South City Projects (Kolkata) Pvt. Ltd, acquired two acres (on lease) of this land to build a high end, eco-friendly 65-storey condominium tower.
Abans, which grew to its present stature by dealing in electrical goods, has decided to diversify into hotel, shopping and entertainment malls in Colombo and have already identified a couple of sites for this purpose.
The UDA, supported by foreign investment, is in the advanced stages of developing the shoreline around Beira Lake, surrounded by major productive use buildings such as offices, hotels, shopping malls, apartments, banks and commercial and leisure establishments. The 10-acre land originally belonging to the CCC is now being undertaken for redevelopment. Spanning an impressive lakeshore stretch, the waterfront will be converted into an all-pedestrian boardwalk and promenade bordered by fashion, retail, restaurants, spa and entertainment services, the UDA official revealed.
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