Sensitive political climate? “Sri Lanka has seen progress and no politician can ignore this reality,” says foreign investor
A 200-room hotel, a retail mail and serviced apartments will make up the new 48-storied building called the Colombo City Centre (CCC), aptly titled to reflect part of the old Colombo Commercial Company (CCC) premises at Lester James Pieris Mawatha.
The US$150 million project undertaken jointly by Abans Group and SilverNeedle Hospitality of Singapore got underway this week with Defence and Urban Development Secretary Gotabaya Rajapaksa inaugurating the project which is to be completed by 2018.On the sidelines of the event, the Business Times (BT) asked Iqbal Jumabhoy, Group Chief Executive Officer, SilverNeedle Hospitality about the decision to make this huge investment during a sensitive political climate.
In response, Mr. Bumabhoy said they are investors and, “Really I am not in a position to comment on the politics of a country. The key thing in our perspective is that there is a very positive atmosphere in the country”.
He said that there is positive progress and development in the country and whichever way the politics sways in the country, any politician in the country would not ignore the economic situation in the country and they would act in the best interests of the country that would benefit the people of the country.
He said the company is well experienced in handling this type of projects having done so in several countries in the world involving several billions of dollars. He said already around 15 per cent of the apartments have been already booked.
At the function, Mr. Jumabhoy said that they work with partners who share their vision of creating a landmark that would draw in the community, including both local as well as expatriates. He said that in delivering the final product, they took great care to peruse the designs meticulously to ensure it would be what their customers need.
Helping to drive CCC, he said, to become a world-class development for investors, locals and business travelers, is their Property Manager, Richard Buultjens who would focus on sales and marketing of the residential units and leasing of the retail space. Ms Robyn Mudie, Australian High Commissioner in Sri Lanka said that Australian investments are also involved in the Singaporean company which has jointly undertaken to do this project.
She said this investment also sends out message of business confidence to other Australian companies.
Ms Aban Pestonjee, Chairperson, Abans Group-the local partner- said that CCC would provide the whole family a facility which is lacking in Colombo – in one location. This would provide entertainment for Sri Lankans and their families as well as tourists with a mix of local and international brands, food courts and cinema.
The first five levels of the centre, with an area of 230,000 square feet, will comprise the lifestyle retail mall. Just above the mall will be a 200-room NEXT Hotel marking its first entry into the Asian continent after Australia. The upper levels of CCC will offer 180 residential units where residents will enjoy exclusive club amenities and use of the sky terrace.