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Rs 1B building complex at Port City Cabinet approves MoU with Chinese companies

By Rathindra Kuruwita

The Cabinet of Ministers approved a proposal to allow the Ministry of Megapolis to enter into a non-binding Memorandum of Understanding with the China Harbour Engineering Company (CHEC) and the CHEC Port City Colombo Private Limited to ensure a Foreign Direct Investment of US$ one billion to construct the building complex at the Port City.

Around 50 per cent of the reclamation activities of the Port City are complete and there is a need to commence the construction of a building complex necessary to establish the Colombo International Financial City (CIFC), which is estimated at US$ one billion. "The complex will integrate lifestyle elements within the Colombo Port City to attract new businesses, entrepreneurs and professionals and will include an office tower, residential towers and a retail complex that will be integrated with the marina and public parks," the Cabinet memo read.

The building complex would be located on a land area of 6.8 hectares and USD 400 is needed during phase one of the construction process, which is expected to begin in late 2018.

"An Environmental Impact Assessment (EIA) report, which covers the Provision of Infrastructure Landscaping and Development on the reclaimed land, was submitted to the Department of Coast Conservation and Coastal Resource Management which was opened to public comments on
1 November 2017," the memo adds.

The decision on the EIA will be available by March 2018, after which the construction of the building complex can begin. Meanwhile, a panel comprising local and international Judges have chosen the design forwarded by the Skid More Owings and Merrill of the United States of America to develop the buildings.

http://www.ceylontoday.lk/print20170401CT20170630.php?id=36731
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Global architecture firm SOM to construct International Financial City Building Complex in Sri Lanka's Colombo Port City
Dec 20, 2017

Sri Lanka has chosen U.S. based Skidmore, Owings & Merrill LLP (SOM), one of the largest global architecture firms, to construct the Colombo International Financial City Building Complex in Colombo Port City.

Sri Lanka's China-funded US$ 1.4 billion real estate development, Port City project has now completed 50 percent of the land reclamation out of the proposed 269 hectares of land and the construction of the International Financial City Building Complex is slated to commence in the second half of 2018.

The necessary infrastructure development plans have been prepared for the project and the Environmental Impact Assessment is now open to public comments.

An international competition was held to select the design plan for the proposed building complex and accordingly, U.S. based Skidmore Owings & Merrill (SOM) has been assigned the task.

The proposed investment for the project is US$ 1 billion.

It was decided to sign a Memorandum of Understanding (MoU) between China Harbour Engineering Corporation, Ministry of Megapolis and Western Development, and Colombo Port City Private Company for enabling the investment amount to be obtained as a foreign direct investment.

The cabinet of ministers has approved the proposal put forward by the Minister of Megapolis and Western Development Patali Champika Ranawaka to sign the MoU.

http://www.colombopage.com/archive_17B/Dec20_1513782180CH.php

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Construction of three towers at Colombo Port City to begin soon

January 4, 2018

The construction of three towers with 60 storeys will begin at the Colombo Port City premises this year on a foreign investment of US$ 1,000 million, the project team told Prime Minister Ranil Wickremesinghe yesterday.

During an inspection tour at the Port City project site, he was also informed that the Environment Impact Assessment is to be carried out in May. Western Development and Megapolis Minister Patali Champika Ranawaka accompanied the PM and Finance State Minister Eran Wickramaratne and Policy Planning and Economic Affairs Deputy Minister Dr Harsha de Silva also joined in.

They also informed the Premier that a light rail connecting Fort and Kollupitiya has also being planned.

source: http://dailynews.lk/2018/01/04/busi...ion-three-towers-colombo-port-city-begin-soon
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Note: Rendering of the proposed towers are not yet released. But below graphics shows the financial zones within the Colombo Porty City reclaimation project where the tallest skyscrapers will be constructed.



Rending of Colombo Port City when completed in 2041!



Jan 2018 - Current Progress of Reclamation work (60% complete)


https://www.instagram.com/p/BeGmP4ghn9h/?taken-at=6875546


Official Links for Colombo Port City (also called Colombo International Financial City or CIFC)

Website: http://www.portcitycolombo.lk/
Official Facebook Link: https://www.facebook.com/PortCityLK/
Twitter: https://twitter.com/PortCityColombo
 

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China Harbour to break ground billion dollar towers in Sri Lanka in June: Minister


ECONOMYNEXT - China Harbour Engineering Company (CHEC) expects to break ground on a billion US dollar 60-floor triple tower project at the Colombo Port City in June 2018, Megapolis Minister Champika Ranawaka said.

The first 20 acres of reclaimed land in the 269 hectare Colombo Port City will be leased to CHEC on a 99-year lease by March, he said.

Under current law, the reclaimed land will be vested in the President of Sri Lanka who will in turn it over to the Urban Development Authority. The UDA will in turn lease it to China Harbour.

China Harbnour will being construction of the first three 60-floor towers by June, Minister Ranwaka said.

Up to 46 percent of the foreign direct investments in 2017 had come from projects related to the Megapolis and Western Development Ministry, he said. (Colombo/Jan25/2018)

http://www.economynext.com/China_Ha..._in_Sri_Lanka_in_June__Minister-3-9672-4.html
 

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Discussion Starter · #4 ·

http://www.lankabusinessonline.com/...-project-with-billion-dollar-towers-minister/

Port City: President to declare reclaimed land as Lankan territory: Champika

Addressing a news briefing at his office, Minister Ranawaka said the CHECL will launch a project in June to construct three high rises that contain 60 floors each at a cost of US$ 1 billion (Rs. 150 billion).

The special legal and administrative package that would govern financial, administrative, tax, rents and lease arrangements is being drafted by the Attorney General’s Department with the help of the Prime Minister’s office and the draft legislation will be presented to Parliament in April. As such, the Port City will not come under the purview of the Colombo Municipal Council, he said.

“Another US$ 800 is to be invested by CHECL to develop infrastructure at the Port City that will include a huge theme park for public use, an underground tunnel from Galle Face to Kollupitiya bordering the sea along the Marine Drive to ease traffic congestion on Galle Road, a light rail system from the Port City up to Katunayake are a part of the infrastructure development programme", Minister Ranawaka said.

http://www.dailymirror.lk/article/P...land-as-Lankan-territory-Champika-144641.html

more news on this towers
http://www.xinhuanet.com/english/2018-01/25/c_136924823.htm

China to construct first building complex in mega Sri Lankan Port City project
Source: Xinhua (note they have got the tower floor count wrong)
http://www.xinhuanet.com/english/2018-01/25/c_136924823.htm

Port city to get going by June
Will kick start with work on International Financial Centre
President to declare Port City part of Sri Lanka in gazette issue
Friday, January 26, 2018 - 01:08
http://dailynews.lk/2018/01/26/local/141099/port-city-get-going-june

President to vest 20 hectares of Port City with UDA in March
http://www.ft.lk/front-page/President-to-vest-20-hectares-of-Port-City-with-UDA-in-March/44-648155
 

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Discussion Starter · #5 ·

India media is worried about China's involvment in building these 60 floor towers and the Colombo Port City sea reclamation project in Colombo.

Funny thing is, I hear nearly 600 Chinese Companies are going to invest $85 Billion Dollars in India in coming years.. and they cry over $1 Billion Dollar Investment in SL.
 
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