The Zhong Tian Construction Company Ltd of China plans to invest over US$ one billion in real estate and leisure sectors in Sri Lanka.
The company will shower over US$ 70 million in the Millennium Park to develop the center into a international entertainment hub. This will also comprise a 200 room four star hotel, apartments, shopping mall and a mini amusement park. This development is being planned with Browns Leisure which is already maintaining and operating the Millennium Park in Maradana.
Zhong Tian Construction Company Chairman Feng Zhong Wei said that they have pledged to invest over US$ 250 million for the Horton Place twin tower project, which is expected to be one of the biggest twin towers in the region. The ground breaking ceremony has already been held for this project at the former Asha Central, Army Hospital premises in Colombo 7.
The Chairman said that they have been visiting and studying the developments in Sri Lanka for the past two years and had gained much confidence in the Sri Lanka real estate sector and that was the reason they were investing large amounts in Sri Lanka. “Our estimate is that today Sri Lanka is where China was 10 years ago and we see the Sri Lankan economy moving forward and we see opportunities here,” Wei insisted.
The company also venturing to leisure sector has taken Palm Beach Hotel Mount Lavinia on a 10 year lease. In addition they have also taken the Palms Colombo in Kolluptiya on lease. This newly built hotel scheduled to be opened in August will be a four star property. With seven floors the hotel will have 90 rooms, a swimming pool, gym, spa, roof top bar, three banquet halls, conference facilities and many other facilities. “We hope to market both these hotels with Asian Leisure,” Wei further explained.
He also said that they have purchased land in Sooriyaweva Kanda and contemplates building a villa type luxury bungalows there and will also look at extending their foot print in both Galle and Kandy and were also on the lookout for two hotels with under 80 rooms.
“Back in China many people like to travel to Sri Lanka mainly because of the prevailing peaceful atmosphere and due to the rich bio diversity of the country. We see this trend increasing and we are not afraid to invest even further in this segment,” Wei said.
The company also has similar business ventures in Thailand which were now performing up to expectations. “We have also moved to the Maldives hospitably sector with a Sri Lankan player and this joint venture resort would open next year,” he added.
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