Shangri-La to invest another US$ 250 mln on new apartment complex
View(s):While continuing construction work of luxury hotel projects in Colombo and Hambantota, Hong Kong-based Shangri-La Asia is to invest US$250 million in a high rise apartment complex in Colombo suburbs, a government minister announced.
According to reliable official sources, Shangri-La is to lease the Unilever factory land Grandpass which is around 8-10 acres in extent, for this purpose. Minister of Investment Promotion Lakshman Yapa Abeywardena told a media conference that the Hong Kong based leisure firm had forwarded its third project for BOI approval. But he declined to reveal the location of the apartment complex project.
He disclosed that the company was searching for a suitable land in Colombo and the Valuation Department had to complete its valuation on certain Colombo lands enabling the company to kick-start the construction work.
A local businessman will also make substantial investment for the project; a senior official said adding this investor will make this investment from his overseas operations. However it is essential to make this foreign investment through Sri Lanka’s External Resources Department, he added.
When contacted for more information of the project, a spokesperson of the Shangri-La Sri Lanka unit said that she has to consult the company’s corporate branch in Hong Kong and asked to send an e-mail to clarify the deal. But the paper hadn’t received any communication from them until Friday.