BOI deal signed for Rs. 600m new investment to revamp Liberty Plaza

Colombo Land and Development Plc Group yesterday signed an agreement with the Board of Investment to undertake a Rs. 964 million revamp of Liberty Plaza in Colombo, including Rs. 600 million for new buildings.

The proposed project intends to undertake a huge refurbishment process in the near future which will convert the Liberty Plaza into a world class shopping mall as well as an icon in Colombo City.

Some of the main features of the refurbishment/revamping project of the existing Liberty Plaza includes two floors of retail extending to 20,000 sq.ft. each. This proposed addition will be connected to the existing mall on the first and second levels. This development will also include an additional car park deck to cater to future demand.

The existing office spaces on the second floor adjoining the new food court will be converted to retail space under the revamping project.

 This will bring in an additional retail space of 20,000 sq.ft. to Liberty Plaza’s existing retail space. Further, a food court will be developed on the second floor which will be operated by a third party.

The proposed face/skin will wrap around the existing building with two prominent/large state-of-the-art LED screens. The company is currently looking at the option of having manual advertising holdings for the rest of the façade on R.A. De Mel Mawatha. With the proposed lighting, which will be the highlight of the whole development, the building will definitely have a new look like malls in Singapore and Hong Kong.

Additionally, refurbishment of existing common wash rooms and corridors with the extension of existing escalators will take place under the revamping project. There will be a pedestrian pathway around Liberty Plaza with features like urban verandas and coffee shops as well.

This development will be undertaken by Liberty Developers Ltd. which is a wholly-owned subsidiary of Colombo Land and Development Company PLC. As per the plan, construction commenced in February 2013 and will be completed within 12 months. However, the operations of the food court were started in February 2013.