Proposed US$ 2 bn Colombo-Katunayake Rail Project gets on track | Daily News


 

Proposed US$ 2 bn Colombo-Katunayake Rail Project gets on track

Ranil Francisco, Senior Adviser, Sri Lanka, Castlepines Global Equities, Japan Office, Shohrab Salman, Chief Executive Officer, HSRC, Dr. P.R.I. Michael, Chairman, HSRC, Dr. Ishizaki Bungo, General Manager Asia Pacific, Castlepines Global Equities, Takashi Kinoshita, President, Castlepines Global Equities, Japan Office, and Udaya Athukorala, Senior Advisor, Japan, Castlepines Global Equities, Japan Office
Ranil Francisco, Senior Adviser, Sri Lanka, Castlepines Global Equities, Japan Office, Shohrab Salman, Chief Executive Officer, HSRC, Dr. P.R.I. Michael, Chairman, HSRC, Dr. Ishizaki Bungo, General Manager Asia Pacific, Castlepines Global Equities, Takash

High Speed Railway Corporation Pvt Ltd (HSRC) achieved a milestone recently when its equity partner Castlepines Global Equities–Japan Office (CGE) signed a mandate to partner in delivering what is expected to be one of Sri Lanka’s largest mega transport projects.

Dr. Parimalam Rajo Isa Michael, the founding Chairman and visionary leader of the High-Speed Rail and Mixed Development Project, was the prime mover in setting up this partnership with one of the world’s largest equity funding partners, Castlepines Global Equities.

HSRC with CGE have jointly extended a mandate to the Korean Institute of Machinery & Materials (KIMM) who have pioneered the MagLev technology into an urbanized version that has been successfully implemented in Korea with efficiency and economic value for both the operator and passenger.

KIMM will be mandated to undertake the design, development and implementation of the technology in Sri Lanka, while also taking on the responsibility to train and technically equip local knowhow for the future. This would be the first such instance in the entire Asian region.

CML-MTD Construction Ltd., which is part of MTD Walkers PLC of Sri Lanka and their global counterparts Alloy MTD (based in Malaysia), will be mandated to undertake the construction of the proposed rail project estimated to cost around US$2 billion at this stage.

Ceylan Insurance Brokers Pvt Ltd., have been mandated as the ‘exclusive’ insurance partners of the mega project.

The proposed mega project constitutes a state-of-the-art railway line that will use magnetic levitation (MagLev) to cover Negombo, Katunayake (Bandaranaike International Airport – BIA), Bopitiya, Ragama, Kettarama International Cricket Stadium, Beira Lake (Colombo Fort), Port City and Colombo 03 (Kollupitiya) Railway Station.

A new concept into township development will cater to a minimum of 3,200 dwellings, both isolated and structured, with facilities and features such as modern amenities, car parks, fully-equipped sports complex, an 18-hole golf resort, water park, flora and fauna nature reserve theme park and many more facilities.

The promoters of this project led by Dr. Michael have emphasized the importance of the nature preservation requirements to the consortium, which has unanimously consented to this decision and hence carefully taken into account the legislated environmental policies and guidelines in preparing for the project.

A 300-bed, fully-equipped hospital combined with state-of-the-art laboratories, lodging and reference library is being designed (Ragama Health City) to ensure that every medical need of Sri Lanka and the South Asian region as a whole can be made available at an attractive and competitive rate.

The proposed terminal is expected to encourage and afford an opportunity to sports enthusiasts to directly access the line to catch up on cricket at Kettarama International Stadium.

A 400-room, star-class hotel (Beira Lake Colombo Fort) has been planned to ensure that the best of everything is made available to both business travelers and holiday-makers.

The train terminal is proposed at this location as an ‘underground’ terminal which will allow passengers using the facility to alight at this destination and simply walk into the hotel.

The Port City Terminal has been primarily planned to ensure access to the proposed financial hub of Sri Lanka with the best and most convenient source of transport.

Colombo 3 (Kollupitiya) Terminal will be the final destination of Phase I of this initiative. The project also intends to link the existing train lines from Colombo 3 railway station.

“This is a landmark event for me and the country,” said Dr. Michael.

“While there are many opportunities within the Asian region to invest in growth, it was our personal decision to support Sri Lanka,” said Takashi Kinoshita, President, Castlepines Global Equities–Japan Office.


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