JKH initiates massive US$850 million mixed development project
View(s):A massive US$850 million mixed development project on John Keells Holdings’ (JKH) land is coming up at the group’s 17 acre property at Glennie Street property inclusive of the old Elephant House land and a Beira Lake front.
The investment cost has risen from $650 million which was the earlier estimate.
Picture by Ranjith Perera shows Minister Abeywardene congratulating JKH Chairman Susantha Ratnayake after signing the agreement. Also in the picture are JKH Deputy Chairman Ajith Gunawardena and BOI Chairman/Director General Lakshman Jayaweera.
Investment Promotions Minister Lakshaman Yapa Abeywardene told reporters on Thursday that the project has been approved by the Board of Investment of Sri Lanka (BOI). JKH’s real estate unit is involved in developing, owning, managing, operating, selling, leasing and renting a luxury multi-mixed use integrated resort.
Group Chairman Susantha Ratnayake and Deputy Chairman Ajith Gunawardena signed the agreement with BOI Chairman/Director General Lakshman Jayaweera. The project will be given status as a Strategic Development Project in which certain tax concessions are provided after submitting it for the approval of the cabinet and then parliament later.
The project firm Waterfront Properties (Pvt) Ltd a subsidiary of JKH, will get a 10 year tax holiday, dividend tax exemption for 11 years, customs duty exempted for capital imports, value added tax and airport and port development levy for five years. Up to 20 employees would be exempt from Pay-As-You-Earn tax for five years.
The project will consist of a luxury hotel, convention centre, entertainment facilities, a shopping mall, luxury condominiums, serviced apartments and office space, Minister Abeywardena said.
He revealed that around 3000 employment opportunities will be created after the completion of the project.
The environmental and other clearances should be obtained by the company under the provisions of the relevant authorities to operate he project at the premises subject to compliance of environmental regulations, he disclosed.
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