Mar 05, 2017

Colombo Crown resumes mixed development project changing faces

US$ 400 million 36-storey mixed development complex previously known as ‘Colombo Crown’ has completely changed its ‘Casino’ face to launch the mega project soon in a 500 perch prime block of land at D.R. Wijeyawardene Mawatha in Fort.

This mixed development project will resume as a joint venture involving Asia Capital Limited, Board of Investment (BOI), Upul Jayasuriya said in Colombo on Friday.

He reiterated that previous government had given permission to build this hotel complex in D.R Wijewardane Mawatha and it was a mixed development project.

The BOI agreement has not been canceled he said adding that at present different parties were expressing their opinions regarding this mixed development project

Asia Capital Limited provides various financial services to institutional and individual customers primarily in Sri Lanka.

The company’s products and services for institutions comprise investment banking, equity capital markets, debt capital markets, asset management, equity securities trading, fixed income securities trading, investment research, corporate insurance, asset leasing, project finance, and advisory services.

The government has given consent to Ravi Wijeratne, chairman-owner of conglomerate Rank Holdings to resume the project suspended in 2015 by the same authorities who opposed a casino deal

Rank Holdings has previously partnered with Australia's Crown Resorts Ltd which holds two casino licences to build the country's first integrated resort with 450 luxury rooms, a signature restaurant and bars, a spa and pool and a "thematic lake water feature, an official said without mentioning any casino complex.

The Rank Holdings the owner of the 500 perch Colombo property will proceed with the project in collaboration with Asia Capital anticipating a tourism boom in the island within the next few years under the present government, he pointed out..

In early 2015, government has declared Australian billionaire James Packer unwelcome in the country after the gaming mogul pulled out of building a luxury resort following a ban on new casinos.