Browns Investments PLC (BI), the strategy Investment arm of the LOLC Group, on Thursday entered into an agreement to partner with China Harbour Engineering Company Ltd (CHEC) to commence the Colombo International Finance Centre (CIFC) mixed development project in the Colombo Port City (CPC).
The CIFC mixed development project will be piloted over two phases, whereby BI is partnering with CHEC for Phase One via the incorporation of a Special Purpose Vehicle (SPV) company, a subsidiary of Browns Investments PLC. The total investment in Phase One amounts to US$450 million with a buildable land area spanning 3.06 hectares, which is leased from CHEC Port City Colombo (Pvt) Ltd to the new SPV that will be jointly managed by BI and CHEC.
This will be a significant undertaking involving the construction of one residential apartment tower, one serviced apartment tower, one office tower and a retail podium on the ground floor. Ascending to 39 floors, the total Gross Floor Area across the investments will exceed 160,000 square metres, with residential and serviced apartments encompassing an area of over 88,000 square metres inclusive of parking, a retail space of 24,000 square metres, while the office complex will have a cross area of over 48,000 square metres.
Commenting on the CIFC project, Chairman of BI and Deputy Chairman of LOLC Group, Ishara Nanayakkara said that this project is well set to establish the Colombo International Finance Centre as a premier regional hub that attracts world-class players to employ a catalytic role in Sri Lanka, encompassing multi-dimensional value creation for the entire country. (DEC)
You can share this post!
Content
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Leave Comments