Sri Lanka commences construction of Marina Square project close to Colombo Port City
Construction of the Marina Square project in Sri Lanka by China Harbour Engineering Company Ltd. (CHEC) as the main contractor of the project has commenced last week.
Addressing the gathering at the inauguration ceremony, Access Engineering PLC Chairman Sumal Perera has been quoted as saying in the local media: “I would like to thank our two multinational partners for their confidence in Sri Lanka and trust to partner with Access Engineering in the Marina Square project. It’s very seldom that part of a Fortune 500 enterprise such as China Harbour Engineering would partner a local company for a project of such magnitude. In this aspect, we believe we have set the benchmark for other local companies, whatever the industry they may be in, to encourage their foreign partners to invest with them in Sri Lanka. We will do everything within our purview to ensure that Marina Square achieves an unprecedented level of success and assure potential customers a rewarding return on their investments.”
According to local media reports, the Marina Square project is a multinational real estate investment for which three industry giants from three countries have come together for the first time in Sri Lanka – Access Engineering (Sri Lanka), China Harbour Engineering Company (China), and Mustafa (Singapore) have come together to develop the harbour-front, ocean view residential development.
CHEC has been actively involved in the development of Sri Lanka since 1998, executing construction projects such as the Southern Highway, Outer Circular Highway, Hambantota Port, Mattala International Airport, Colombo South Container Terminal, Port City, Shangri-La, and Havelock City.
CHEC Managing Director for Sri Lanka Zang Xiaoqiang has said, “We are very happy to be selected as the main contractor of the Marina Square project. We believe that our vast experience in successfully completing many of Sri Lanka’s mega projects helped us to be selected as the main contractor of the Marina Square project. Most importantly, it was CHEC’s successful completion of Shangri-La Residencies and our involvement in the development of Havelock City that gave us an edge over competitors. We have agreed to retain the construction team that successfully completed Shangri-La Residencies to be assigned to build Marina Square.”
Marina Square Uptown Colombo will have a land of over two acres of landscaped walking/jogging tracks, garden spaces, and nooks and corners to hang out with friends and family, an infinity pool, clubhouse, game room, kids play area, and the indoor and outdoor gyms. The commercial area will consist of a food court, retail outlets, wellness service centers, and selected office spaces. The oceanfront location offers views of the ocean, city, and mountains from within most of the condos in the complex, the company said. The Port City will be close at hand and access to the inner city-elevated expressway will be just a kilometer away.
OSL take:
Sri Lanka is currently undergoing a development transformation in all key economic sectors. This has resulted in the expansion of business/investment opportunities in all key economic sectors in the country. Also, Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka.
| Article Code : | VBS/AT/20191122/Z_4 |