Ceylinco Celestial Towers to be completed before CHOGM
Saturday, 22 June 2013 05:31
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By Ashwin Hemmathagama Our Lobby Correspondent
The recommenced construction of Celestial Towers, a former investment of the now-defunct Ceylinco Investment Group of Companies, will be completed before the Commonwealth Heads of State Meeting under the supervision of the Urban Development Authority, Minister of Investment Promotion Lakshman Yapa Abeywardena confirmed at Parliament.
Updating the House with the current status of the Celestial Towers project, Minister Abeywardena stated that a newly formed venture, Canvil Holdings Ltd., will hold the lease for a period of 99 years as approved by the Cabinet.
“Canvil Holdings was formed with Sri Lanka Insurance Corporation (SLIC) and several other public and private sector investors.
This venture has already been rated as a strategic development project and Canvil Holdings has partnered with Sino Lanka Hotels and Spa Ltd. as its partners to build a hotel with 475 rooms and 90 serviced apartments,” he said in response to a question raised by UNP MP Ravi Karunanayake.
Additional Secretary, Office of the Chief of Staff, Presidential Secretariat Gamini Senarath, SLIC Executive Director Piyadasa Kudabalage, SLIC Managing Director and Chief Executive Officer Mohan de Alwis and H.K.D.W. Neel Bandara Hapuhinna are the directors of Sino Lanka Hotels and Spa Ltd.
“When the Celestial Towers project was taken over by the Government, it had an estimated value of Rs. 4.8 billion. According to the application submitted to the BoI, Sino Lanka Hotels and Spa Ltd. will invest US$ 158.8 million in this project to fast-track the opening scheduled for the latter part of 2014,” confirmed Abeywardena.
