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Lanka’s Grand Clock to rival Big Ben; part of Port City mega project with tax exemptions
View(s):By Chandani Kirinde
A structure poised to enter the Guinness World Records as the biggest art piece in the world, with a 15-metre Grand Clock designed to rival Big Ben is to be built at Port City, Colombo with an investment of over $540 million. This is among four mega projects for Port City that have been granted tax exemptions by the Government.
The gazette notifications granting the tax exemptions including from income taxes, Value Added Tax, customs and port and airport levies were issued this week by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development.
All tax exemptions and exemptions from the provisions of certain acts including the Termination of Employment of Workmen (Special Provisions) Act No.45 of 1971 will be valid for 25 years, effective within six months of the issue of the gazette notifications.
The most ambitious of these projects will be undertaken by Clothespin Management and Development (Private) Limited to develop a definitive artistic and architectural icon in the name of Clothespin Towers in Colombo Port City.
The Clothespin Towers is designed to cater to high-value market segments residential, hospitality and commercial, positioning itself as a landmark investment in Sri Lanka’s booming real estate and tourism industry.
The company aims to develop a twin tower marvel that will integrate luxury residences, a seven-star hotel, high end retail spaces and elite office environments, all while housing the world’s largest art gallery in the Hotel over a land area spanning over an area of 24,324 sqm in Colombo Port City.
Clothespin Management and Development (Private) Limited plans to invest USD 540,104,317 with an allocation of USD 75,000,000 for land lease and USD 465,104,317 for construction costs and pre-operative expenses in Colombo Port City. It will recruit 280 employees in the first year.
“The entire structure is poised to enter the Guinness World Records as the biggest art piece in the world, transforming Colombo into a hub for artistic innovation. It will encommapse a 15-metre Grand Clock designed to rival Big Ben (Big Ben in London.U.K. is 96 metres high) setting a Guinness World Record as the world’s largest Vertical Art Gallery with every floor functioning as an immersive art space, displaying works by renowned global artists and hosting prestigious exhibitions, “according to the project details.
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