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Old January 14th, 2011, 03:09 PM   #1
Shakeel
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CATIC Skyline

Sri Lanka to get US$500mn hotel from China aviation firm
Jan 14, 2010 (LBO) - A Chinese aviation firm will build a 500 million US dollar hotel and shopping complex in the main beachfront of Sri Lanka's capital Colombo, the government said.
China National Aero Technology Import and Export Corporation (CATIC) will buy land in Colombo's Galle Face area to build a five star hotel and shopping complex.

The proposal by economic development minister Basil Rajapaksa has been approved by the cabinet of minister, the government's information office said.

The project proposal will be on the same lines as an earlier deal with Hong Kong based Shangri-La leisure group to build a 500 million dollar hotel and shopping complex, the government said.

Shangri-La will get state land on which a military sports ground was located.

Source: LBO LK....http://www.lbo.lk/fullstory.php?nid=662000484
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Old January 14th, 2011, 07:28 PM   #2
tig
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China National Aero Technology building a Hotel ? Shouldn't they be building planes ? not Hotels, may be Hotels that flies ? I dont see the logic here
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Old January 14th, 2011, 07:34 PM   #3
sjinadasa
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They have a separate company
http://www.catichotels.com/
http://www.catichotels.com/GBJCT/home.html

Last edited by sjinadasa; January 14th, 2011 at 07:44 PM.
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Old January 15th, 2011, 04:29 AM   #4
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Quote:
Originally Posted by tig View Post
China National Aero Technology building a Hotel ? Shouldn't they be building planes ? not Hotels, may be Hotels that flies ? I dont see the logic here
A lot of the large Chinese military suppliers and companies have diversified into fields unrelated to their original business.
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Old January 15th, 2011, 10:33 AM   #5
phil.froelich
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$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!
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Old January 15th, 2011, 11:59 AM   #6
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Sounds fishy

Quote:
Originally Posted by phil.froelich View Post
$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!
I totally agree with his response. USD500 million is a lot of money to be invested within a short span in a country that hasn't seen at least a $50 million in a single project in tourism. The figures released varies according to private sector to that of public. There seems to be no ground reality and clear signs of which land being released. Hopefully not the greenery itself.
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Old January 15th, 2011, 02:40 PM   #7
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Quote:
Originally Posted by phil.froelich View Post
$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!
The much larger (24 acres) Havelock City project will cost $350 million. $500 million sounds like a exaggeration.
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Old January 15th, 2011, 03:14 PM   #8
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Quote:
Originally Posted by Shakeel View Post
I totally agree with his response. USD500 million is a lot of money to be invested within a short span in a country that hasn't seen at least a $50 million in a single project in tourism. The figures released varies according to private sector to that of public. There seems to be no ground reality and clear signs of which land being released. Hopefully not the greenery itself.
Do you know that each land plots worth $125 million being the best the location in the country
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Old January 16th, 2011, 03:34 PM   #9
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Location?

Quote:
Originally Posted by saraprobe View Post
Do you know that each land plots worth $125 million being the best the location in the country
Do u know where or which locations are these to be exact. The value of land can be more than USD125 million.
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Old June 13th, 2013, 04:12 PM   #10
Sohan G
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Passed the old CATIC site along Galle face today and saw a hoarding up announcing the ITC hotel coming up at the site. (no renders of the building on it though) The lines on the hoarding went something along 'trusted ITC hotel coming up' or something like that. Couldn't see any activity at the site (the tall boundary wall prevented a good looky loo though through the gate I could see the area was cleared up). On the other hand full scale activity seems to be going on in the adjacent Shangri-La site (still no above ground structure) The question is, is the board something that has been there for a while or are we getting a move on with ITC beginning construction?
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Old June 13th, 2013, 04:46 PM   #11
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Quote:
Originally Posted by Shakeel View Post
Do u know where or which locations are these to be exact. The value of land can be more than USD125 million.
Where military HQs are located. Those are supposed to move to Battaramulla. I have no clue about the land prices.
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Old June 29th, 2013, 11:45 PM   #12
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Colombo | Astoria | 4x39 Fl | U/C

http://www.sundaytimes.lk/130630/bus...ect-50142.html

The Sri Lanka Government has given strategic investment project status to the US$300 million mixed development project of Avic International Corporation in a prime property in Colombo.

The ‘Colpetty Mills’ land extending to 542 perches is owned by Shaw Wallace and Hedges PLC and a large slice was sold to Avic, a top official of the company, an influential group with lot of Sri Lankan Government contracts, said. The land has access from both Galle Road and Duplication Road.


The May 7th soft launch
In an interview with the Business Times, Zhuang Lizhou, Chief Representative of the Avic Group in Sri Lanka, revealed that Avic Group’s local company Avic International Hotels Lanka Ltd bought a block of 264.65 perches bordering Galle Road at this property for Rs.1.85 billion at the rate of Rs. 7 million a perch. It has also purchased the adjoining block of land (about 50 perches) as well from Shaw Wallace in a ‘pure business deal’ for the mega mixed development project but he didn’t disclose the price.

An unpublished, soft launch of the project was held on May 7 at the site.

A 50-storied super luxury hotel, apartment and mega shopping complex will come up within 30 months on this property, he added.
The cabinet of ministers has granted strategic investment status for it with all necessary concessions including a 12 year tax holiday last week, he said, adding that the gazette notification will be issued shortly.

Shaw Wallace was planning to develop a luxury apartment complex on the balance property but the project fell through due to certain economic and financial constraints.

e entire property had been earlier earmarked for the Indian High Commission to build a Cultural Centre. The Indian High Commission had sought External Affairs Ministry clearance when it was reported that the land in question was to be given to another party a couple of years ago.

However Mr Zhuang said that there is no dispute about the land deal and the transaction has been completed with the endorsement of


An artist’s drawing of the futuristic building
the Sri Lankan government and other state agencies for this project.

He told the Business Times that their previous $500 million luxury hotel project at Galle Face has been shelved due to the outright purchase issue and the Government has refunded the advance payment of $54.4 million dollars.

When asked about this payment, Investment Promotion Minister Lakshman Yapa Abeywardena told the Business Times that Avic International made the down payment of Rs. US$ 54.4 million to the Treasury and he was not aware about any re-payment.
According to Finance Ministry sources, there are no records in the Treasury general accounts to show any repayment.

Avic International has been actively involved in infrastructure development projects in Sri Lanka for a long period of time.
Within two years after the end of the war, the company was awarded four highway development contracts amounting to $700 million.
It has also provided road construction machinery to Sri Lanka for Minister Basil Rajapaksa’s Uthuru Vasanthaya Project.



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Old June 30th, 2013, 01:25 AM   #13
Amal
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Interesting project. The artists's impression looks a little like a new hotel in Singapore - the Parkroyal on Pickering.

Last edited by Amal; June 30th, 2013 at 01:31 AM.
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Old July 1st, 2013, 10:17 AM   #14
UMESH CHA
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Chinese firm Avic gets special status for a mixed development Colombo project

http://www.sundaytimes.lk/130630/bus...ect-50142.html
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Old July 1st, 2013, 11:18 AM   #15
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Quote:
Originally Posted by UMESH CHA View Post
Thanks UMESH info but we already have a Thread for this

Avic Hotel - 50Fl - Proposed
http://www.skyscrapercity.com/showthread.php?t=1642173
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Old July 1st, 2013, 05:51 PM   #16
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Yeah could you please refer to what already been posted, nevertheless welcome to the forum UMESH CHA
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Old July 2nd, 2013, 05:13 PM   #17
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Yup, welcome UMESH CHA!
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Old July 9th, 2013, 04:12 PM   #18
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The impression does resemble some other project elsewhere and NOT in SL. Hope more details be revealed.
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Old July 9th, 2013, 04:18 PM   #19
Shakeel
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Moderator.This thread needs to be closed as well.
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Old August 30th, 2013, 04:30 PM   #20
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Avic International to buy LEE HEDGES property in Kollupitiya for Rs.1.24 bn

Sri Lanka based LEE HEGDES PLC has entered into a sale agreement with Avic International Hotels Lanka Limited to sell its property situated at R.A. De Mel Mawatha in Kollupitiya for a sum of Rs. 1.24 billion, announced the firm in a stock market disclosure.
The property which is commonly known as ‘Colpetty Mills’ spans across a land area of 1 acre and 21 perches.
The official signing of the sale agreement between the two firms have taken place on the 28th of August, 2013.
LEE HEDGES says the deal will go through once the shareholders approves the move.


News360

This is really happening/ Kicked the Indian out, few China / HK investments in recent years,

Colombo international terminal $500
Northern expressway project $1 billon+
Shangri-la investment $125 million for the freehold land ( project yet to be determined)

and now Avic International

better than Indian right?
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