A structure poised to enter the Guinness World Records as the biggest art piece in the world, with a 15-Meter Grand Clock designed to rival Big Ben is to be built at Port City, Colombo with an investment of over $540 million. This is among four mega projects for Port City that have been granted tax exemptions by the Government.
The gazette notifications granting the tax exemptions including from income taxes, Value Added Tax, customs and port and airport levies were issued this week by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development.
All tax exemptions and exemptions from the provisions of certain acts including the Termination of Employment of Workmen (Special Provisions) Act No.45 of 1971 will be valid for a period of 25 years, effective within six months of the issue of the gazette notifications.
The most ambitious of these projects will be undertaken by Clothespin Management and Development (Private) Limited to develop a definitive artistic and architectural icon in the name of Clothespin Towers in Colombo Port City.
The Clothespin Towers is designed to cater to high-value market segments residential, hospitality and commercial, positioning itself as a landmark investment in Sri Lanka's booming real estate and tourism industry.
The company aims to develop a twin tower marvel that will integrate luxury residences, a seven-star hotel, high end retail spaces and elite office environments, all while housing the world's largest art gallery in the Hotel over a land area spanning over an area of 24,324 sqm in Colombo Port City.
Clothespin Management and Development (Private) Limited plans to invest USD 540,104,317 with an allocation of USD 75,000,000 for land lease and USD 465,104,317 for construction costs and pre-operative expenses in Colombo Port City. It will recruit 280 employees in the first year.
“The entire structure is poised to enter the Guinness World Records as the biggest art piece in the world, transforming Colombo into a hub for artistic innovation. It will encommapse a 15-meter Grand Clock designed to rival Big Ben (Big Ben in London.U.K. is 96 meters high) setting a Guinness World Record as the world's largest Vertical Art Gallery with every floor functioning as an immersive art space, displaying works by renowned global artists and hosting prestigious exhibitions, “according to the project details.
The other projects that have been granted tax concessions include those undertaken by ICC Port City (Private) Limited, a company established by the International Construction Consortium (Private) Limited (ICC), to develop a luxury residential project within the CPC on an area of 13,945 sqm.
The proposed development will feature two luxury apartment towers housing high end residential units and five luxury villas with state-of-the-art facilities offered to residents.
Another project will be by IFC COLOMBO 1 (PVT) LIMITED., a company incorporated in Sri Lanka, which is a subsidiary of CHEC Port City Colombo (Private) Limited, owned by China Harbour Engineering Company (CHEC).
CHEC is a major global contractor and a subsidiary of China Communications Construction Company Limited (CCCC).
The objective behind establishing IFC Colombo 1 (Pvt) Ltd. is to carry out real estate development within the Colombo Port City, with a vision of creating a thriving and sustainable real estate ecosystem by strategically integrating commercial, retail, and residential elements.
The target market for IFC Colombo 1 (Pvt) Ltd. includes investors and entrepreneurs in South Asia and around the world by leasing and developing mixed use land in the extent of 12,561.60 sqm as per the regulations cited in the Colombo Port City (Development Control) Regulations No. 1 of 2023.
IFC Colombo 1 (Pvt) Ltd. intends to invest approximately USD 142.71 Million with an initial allocation of USD 94.98 Million in construction costs.
Ceylon Real Estate Holdings (Private) Limited, a subsidiary of Browns Investments PLC, which is the strategic investment arm of LOLC Holdings PLC, will also undertake a project at Port City to develop a business and commercial city complex in an area of 30,629.92 sqm.
Ceylon Real Estate Holdings (Private) Limited will invest approximately with an initial allocation of USD 320,401,000 for construction costs and USD 90,618,000 for other costs including feasibility & design consultancy, project management fees, contingency cost, advance expense and brokerage fees and interest during construction raised from foreign direct investment and over Rs. 32 billion for land investment in Colombo Port City.
This flagship project within Port City Special Economic Zone (SEZ) will encompass 53,602 sqm of Grade A office space, 22,972 sqm of retail themed centralised commercial space, and 84,232 sqm of high-end residential space.
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