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Developers of ‘THE ONE – Sri Lanka’ project, The One Transwork Square Ltd. on Friday signed an FIDIC contract with one of China’s largest financial companies the CITIC Ltd. and its consortium partners SGCG (Beijing Shougang Construction Group) to partner with the project for the construction of the façade of The Ritz-Carlton and JW Marriot towers.
This landmark project brings together the mega construction giants CITIC Ltd., Zhongtian Construction Group Company Ltd, and SGCG, together, strengthening ‘THE ONE - Sri Lanka’ project further.
“Our long-term objective is to capture emerging opportunities in China and around the world. We are committed to creating long-term value for all of our shareholders. We see this partnership as benefiting to our companies’ long-term objectives,” CITIC Ltd. Project Manager Xiao Yongping said.
CITIC Ltd. is one of China’s largest conglomerates and a constituent of the Hang Senglndex. The company focuses primarily on financial services, resources and energy, manufacturing, engineering contracting and real estate. As of 31 December 2017, CITIC Ltd. had total assets of $ 957 billion and total equity attributable to ordinary shareholders of $ 70 billion.
Transwork Square Ltd. Managing Director Amit Katyal said that this partnership has significantly strengthened the project in a multitude of dimensions. “As they are construction giants with extensive construction knowhow, we see this as a major achievement not only for our project but for Sri Lanka as well,” he added.
SGCG Chairman Tian Ye also said they were excited to partner with such global giant like CITIC Ltd. for this landmark iconic project.
CITIC Ltd.’s consortium partners SGCG is a major construction company with over 65 years in the construction field in China. SGCG has constructed many of the installations at the 2008 Olympics in Beijing, Pangu building, National stadium, 2022 Olympic training centre, 2022 Winter Olympic Games Administration office and many other projects across 17 countries.
Some of the noteworthy projects by CITIC are UK Asian Business Port Project at the Royal Albert Docks, UK; Siemens (China) Headquarters Office Building, China; Angolan Social Housing project, Angola; Belarusian Hotel and Business Complex Project, Belarus; and many other infrastructure and commercial projects in 17 countries.
THE ONE comprises a combination of offices and residences, a luxury retail mall, multiple storeyed car parks, a banquet hall, a collective of dining experiences including a Sky Bar, business offices and a helipad atop THE ONE to complete the canvas of opulence in the sky.
The 80-storeyed 326 m Ritz-Carlton Tower will house the Ritz-Carlton Hotel and Residences, while the 291 m second tower, which covers 77 floors, will house JW Marriot Hotel. The third tower, standing at 376 m, will be the 94-storeyed “The One” tower. It will be the tallest building in this region. The first tower is set to be handed over in December 2021.
