Sri Lanka’s UDA signs agreement with Shang Properties to allocate land for a mixed development project in Colombo
Shang Properties (Pvt) Ltd., which is a joint venture of Kerry Properties Limited (HKEx: 683) and Shang Properties, Inc. (SHNG:PM), has signed a 99-year land lease agreement with Sri Lanka’s Urban Development Authority (UDA) under the purview of the Ministry of Megapolis and Western Development for a land parcel in Colombo 2.
Shang Properties has reportedly acquired this site through a public tender for a consideration of Rs. 12.8 billion excluding taxes.
According to reports, the site is located at Sir James Peiris Mawatha in Colombo 2 and has an aggregate site area of six acres and Shang Properties plans to build a modern mixed-use development on this site. Upper levels of the completed development will offer captivating views of Beira Lake and Indian Ocean.
In view of the keen demand for premium property developments in prime locations in Sri Lanka, Shang Properties has expressed 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.
Report’s further state that the 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.
Kerry Properties (HKEx: 683) is a leading property investment and development company in Mainland China and Hong Kong. Leveraging on its decades of experience, expertise and brand equity in property development, the company focuses on building high-quality residences and mixed- projects in prime locations of the major cities. It also owns and operates a premier investment portfolio of office, commercial and residential properties in prestigious neighbourhoods.
Shang Properties, Inc. (SHNG:PM) is the publicly listed property development arm of the Kuok Group in the Philippines with core businesses in upscale office and retail leasing and premium residential development.
The agreement between Sri Lanka’s UDA and Shang Properties to commence a massive mixed development project in the heart of Colombo indicates a the overall growth momentum in the island nation. The move by Shang Properties, which has a global presence in the field of construction and property development, to engage in a mixed development project in Colombo is an indication of the level confidence in Sri Lanka’s growth potential where international businesses are concerned. Other foreign business ventures could also explore for similar investment opportunities in Sri Lanka. Meanwhile, Shang’s mixed development project once completed would also create investment opportunities to potential businesses/investors.
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