Water’s Edge on Rs. 8 bln expansion
Water’s Edge, the Urban Development Authority (UDA) owned resort, is on a Rs. 8 billion expansion, adding 15 stories and an apartment complex embedded with state-of-art facilities, UDA sources said.
“We already started the expansion and will add 170 rooms and also an apartment complex,” a source told the Business Times. He said this is a 3-year project and will be funded by UDA’s own funds.
Water’s Edge was re-vested in the state by a court order over irregularities some years ago and was handed to UDA.
UDA in collaboration with the Sanken Construction (Pvt) Ltd will construct this project.
The source said they will add a modern swimming pool, spacious vehicle park with many more amenities.
Meanwhile, the UDA debentures are set to be launched next month. According to the source, the UDA is working with the People’s Bank to launch their Rs. 10 billion debenture issue by mid November. He said that they were to launch it this month, but it will take more time.
“It’ll be a public offer and the rate will be at 8.5 per cent range,” he said, adding that it is government backed and is for five years.
“This will be used for low cost housing.” He said next year they intend to launch Rs. 20 billion debenture also for low-cost housing. “Depending on the requirement, we’ll go up to Rs. 50 billion (in debentures) in the following year,” he said.