Sri Lanka’s LOLC Holdings’ investment arm, Browns Investment PLC entered into an agreement with China Harbour Engineering Company (CHEC), a unit of China Communications Construction Company, Ltd to commence a $1 billion Colombo International Finance Centre mixed development project.
The CIFC Mixed Development Project is divided into two phases, and Browns Investments is partnering with CHEC for Phase One through a special Special Purpose Vehicle (SPV) company.
The total investment of the CIFC mixed development project is estimated to be $450 million.
The agreement between Browns Investments, the strategic investment arm of the LOLC Group, and China Harbour Engineering Company Ltd. (CHEC) was signed on Thursday in the presence of Prime Minister Mahinda Rajapaksa and Ambassador of China to Sri Lanka Qi Zhenhong.
“Attracting Foreign Direct Investment is a key priority for our Government, and this landmark project is a strong indicator that Sri Lanka is now back in business,” Prime Minister Rajapaksa has said.
Phase one of the project spans across a buildable land area of 3.06 hectares, which is leased from CHEC Port City Colombo Ltd. to the new SPV that will be jointly managed by Browns and CHEC.
The project has also been granted tax breaks under the Strategic Development Projects Act.
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.
The CIFC is expected to attract locals, expatriates and foreigners while boasting the lifestyle and business facilities comparative to that of other renowned business hubs in the region, as well as on a global level.
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