ZTDH Investments China invests US$ 1.3 bn in Sri Lanka | Daily News

ZTDH Investments China invests US$ 1.3 bn in Sri Lanka

General Manager, ZTDH, Sam Hu and Jayamal Dias with The One model. Picture by Saliya Rupasinghe
General Manager, ZTDH, Sam Hu and Jayamal Dias with The One model. Picture by Saliya Rupasinghe

ZTDH Investments Co, LTD (HK) based in China, the main developer of South Asia’s tallest tower, The One will be investing over US$ 1.3 billion in Sri Lanka.

General Manager, ZTDH Investments Co, Sam Hu, in an interview with ‘Daily News Business’ said that they have already invested over $ 400 million for The One project where the first stage would be ready by 2021 end.

“We are building three towers and work on the two towers that are now in progress. “ We will break ground and start piling for the third tower by August. The total project would be ready by 2025.”

He said that currently their investment for this project along with the KRRISH group of India is over US$ 400 million and this amount would increase. The One will also house The Ritz-Carlton and The Ritz-Carlton Residences, adding more value for the property.

The 80 storied, 326 meter Ritz-Carlton Tower will house the Ritz-Carlton Hotel and The Residences, while the third tower, which stands at 291 meters covers 77 floors. “In addition there would be retail space at Transworks house which is refurbished.”

In addition to The One project we have also embarked on a similar mixed development project in Maradana where the former Central Theater was situated. Branded as Sky One, this project will rise up to 37 floors and it would start construction work this year.

“We are looking at an investment of around $ 500 million for this.”

He also said that they have also partnered with Browns investments to build an entertainment venue at the EXCEL World in Maradana. “This would be a six storied complex adding the much need entertainment facilities for the city of Colombo.”

When the project initiates the current EXCEL World would be closed for almost 18 months and the total investment for this would be around $150 million.

The company operates its businesses in mainland of China and Hong Kong. Through its subsidiaries, the company is also engaged in the provision of designing, marketing and advertising services and is also associated in building one of the tallest buildings and longest bridges in the world. “We have confidence in Sri Lanka and this is why we are keen on investing.”

He said that they have also acquired land in Ja Ela to build their own construction supply yard to feed these projects. “We will also have a worker training facility here enabling Sri Lankans to obtain a certificate while working with us and then seek overseas employment.”

Chief Sales Officer, ‘The One’ Jayamal Dias said that they have obtained this land from UDA on a 99 year lease. “We are very happy with the pre sales for our apartments where 80% has been booked.”

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