Shang Properties (Pvt) Ltd, a joint venture of Kerry Properties Limited (HKEx: 683) and Shang Properties, Inc. has signed a 99-year land lease agreement with the Urban Development Authority of Sri Lanka (Ministry of Megapolis and Western Development) for a land parcel in Colombo 2, Sri Lanka.
The Company has acquired this site through a public tender for a consideration of Rs. 12.8 billion excluding taxes. The site is located at Sir James Peiris Mawatha in Colombo 2 and has an aggregate site area of 6 acres. Colombo 2 is an up and coming area where many developments are underway to transform it into a modern zone. Upper levels of the completed development will offer captivating views of Beira Lake and the Indian Ocean. The company plans to build a modern mixed-use development on this site. In view of the keen demand for premium property developments in prime locations in Sri Lanka, the company has full confidence in the potential of this project. Leveraging on the exceptional quality promise that Kerry Properties and Shang Properties constantly bring to many prestigious locations in Asia, the company looks forward to creating an ultimate living and business space in the Beira Lake area.
The Kuok Group’s other investments in Sri Lanka include a development comprising the Shangri-La Hotel, opened in November 2017, as well as luxury apartments, a high-end shopping mall and an office tower, currently under development at One Galle Face (OGF) in Colombo. The Group also operates Sri Lanka’s first and only golf resort, located in southern district of Hambantota.
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