Sri Lanka’s long awaited Krrish Square Tower by Indian investors will finally announce their development plan mid-October this year, a senior government official said.
Leading international hospitality brands, Ritz Carlton and JW Marriott will partner up with the Krrish Group for the Krrish Tower project which is a $ 650 million mixed development project at the 4.3 acre Transworks House site in Colombo Fort, sources said.
“Sri Lanka’s largest leisure sector project will be unveiled next month, partnering with leading global hospitality brands,” the official said.
He further said, “We are having final discussions with the Marriott International, Inc. It’s essential to have such big brands in Sri Lanka to promote the real estate and leisure sectors of the country”
It also learnt that Chinese investors too have expressed their interest in partnering with the project.
Ritz Carlton and JW Marriott would manage 200 apartment units each in the proposed project.
The piling of the Krrish Square has been completed and construction has also commenced.
The controversial project recently received government clearance.
Krrish Square is considered the first foreign project by the Krrish Group and set to become the largest Indian investment in Sri Lanka.
The building contract has been awarded to Zhongtian Construction, leading property developer in China for a period of two years. The project will consist of two five-star hotels, two apartment blocks and two office complexes.
Ritz-Carlton operates 87 luxury hotels and resorts in major cities in 29 countries and territories. The hotel chain is presently a subsidiary of Marriott International.