Cabinet approves transfer of 60.5 perch land’s service rights for JKH Waterfront condominium project

Thursday, 29 August 2024 02:03 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at their meeting on Monday approved to transfer servitude and service rights over 60.5 perch land for the benefit buyers of condominium units of the John Keells Holdings (JKH) Waterfront Properties Ltd.

The move aims to enhance the living conditions of residents in the luxury condominium complex developed by JKH.

The Board of Investment (BOI) has granted 3.03 acres of land on a 99-year long-term lease to JKH or its nominee for a mixed development project focused on tourism, including luxury condominium. An agreement was formalised between the BOI and Waterfront Properties Ltd., the designated nominee of JKH.

At present, out of the six planned towers, three have been completed, providing a total of 425 luxury condominium units. These towers are already operational, with the remaining three towers under construction. The project marks a significant addition to Colombo’s luxury real estate market, aiming to attract both local and international buyers.

A specific portion of the leased land, measuring 60.5 perches, has been designated for essential public utility services. This area, however, is not part of the condominium property but has been used to provide essential services to condominium residents. Facilities such as service lines, television, telephone and telecommunication infrastructure, as well as rights of way have been set up on this portion of land to benefit house buyers.

Thus, recognising the need to formalise the use of this land for public service, the Cabinet of Ministers approved the proposal tabled by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister.