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Another mega project gets extension till Dec. next year
View(s):Yet another long overdue multimillion-dollar mixed development project, John Keells’ Waterfront Properties (Pvt) Ltd, has been given an extension to start commercial operations.
It is the second postponement granted to the venture, with the first one having been in August 2018. The fresh extension of 14-months-and-20-days will start from October 12 this year.
Therefore, the initiative for “the development, construction, equipping, commissioning, owning, managing, operating, selling, leasing and renting luxury multi business including a luxury hotel, convention centre, entertainment with associated facilities, international standards shopping mall, luxury condominiums, serviced apartments and office space (the Integrated Resort) in two phases at Glennie Street, Colombo 02, in the Western Province shall commence commercial operation on December 31, 2022,” says a gazette signed by Mahinda Rajapaksa in his capacity as Economic Policies and Plan Implementation Minister.
Earlier this year, the Finance Ministry granted extensions to an Indian investment on Galle Face and a Chinese investment on R.A. De Mel Mawatha to start commercial operations.
Welcomhotels Lanka (Pvt) Ltd, a fully-owned subsidiary of India’s ITC Ltd, is building a mixed utility complex on 5.86 acres of sea-facing land in Galle Face. It includes a luxury hotel.
Avic International Hotels Lanka Ltd, a subsidiary of the Aviation Industry Corporation of China, is building a mixed development project with apartment complex at 418, 420 and 422 R. A. De Mel Mawatha in Colombo 3. It is called Astoria.
Avic is due to start commercial operations on October 24 this year. WelcomHotels was given a postponement of 18 months starting January 1 next year. They are thereby expected to begin commercial operations on June 30, 2023.
Both Avic and Waterfront were first gazetted under the Strategic Development Act in 2014, seven years ago. The Welcomhotels initiative goes back even further. It was gazetted in October 2012, nine years ago, under the same legislation. All received generous tax breaks.