Financial Times

BOI agreement with Asian Hotels on property development
The BOI last week signed an expansion agreement with Asian Hotels and Properties Ltd (formerly known as Crescat Developments Ltd) worth over Rs 3.4 billion, for the construction and development of a 30 storeyed premium residential apartment complex, "THE MONARCH" at the Crescat City premises.

Crescat City presently houses the Colombo Plaza hotel - which is being refurbished by Asian Hotels at a cost of US $ 18 million, to soon become Colombo's largest five star hotel, with 500 rooms - Crescat Residencies, another luxury apartment tower and the Crescat Boulevard, Colombo's upmarket shopping mall.

A lifestyle complex consisting of a spa managed by Banyan Tree and other facilities such as gym, swimming pool, restaurants and tennis courts offering exclusive club membership is scheduled to be operational by mid 2005.

Susantha Ratnayake, Deputy Chairman, John Keells Holdings Ltd, the holding company of Asian Hotels, said the "THE MONARCH" offers 11.5 acres of unrestricted access with two road frontages at the most prime location in Colombo, and that the tower has already been over 80% pre-sold, with construction scheduled for completion in June 2007.

This project is envisaged to generate over 500 indirect jobs as local labour would be utilized by the International Contractor; Singapore Piling and Civil Engineering (Pte) Ltd.

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