Shang Properties, UDA sign 99-year land lease deal worth over Rs. 12.8 b
- Venture to set up mixed-use development on six-acre site in Sir James Peiris Mawatha Colombo 2
Shang Properties Ltd., a joint venture of Kerry Properties Ltd. and Shang Properties, Inc., has signed a 99-year land lease agreement with the Urban Development Authority for a land parcel in Colombo 2.
The company has acquired this site through a public tender for a consideration of Rs. 12.8 billion excluding taxes. The site is located at Sir James Peiris Mawatha in Colombo 2 and has an aggregate site area of six acres.
Colombo 2 is an up-and-coming area where many developments are underway to transform it into a modern zone. Upper levels of the completed development will offer captivating views of the Beira Lake and Indian Ocean. The company plans to build a modern mixed-use development on this site.
In view of the keen demand for premium property developments in prime locations in Sri Lanka, the company has full confidence in the potential of this project.
Leveraging on the exceptional quality promise that Kerry Properties and Shang Properties constantly bring to many prestigious locations in Asia, the company looks forward to creating an ultimate living and business space in the Beira Lake area.
The Kuok Group’s other investments in Sri Lanka include a development comprising the Shangri-La Hotel, opened in November 2017, as well as luxury apartments, a high-end shopping mall and an office tower, currently under development at One Galle Face (OGF) in Colombo. The Group also operates Sri Lanka’s first and only golf resort, located in the southern district of Hambantota.
Kerry Properties is a leading property investment and development company in Mainland China and Hong Kong. Leveraging on its decades of experience, expertise and brand equity in property development, the company focuses on building high-quality residences and mixed- projects in prime locations of the major cities. It also owns and operates a premier investment portfolio of office, commercial and residential properties in prestigious neighbourhoods.
Shang Properties, Inc. is the publicly listed property development arm of the Kuok Group in the Philippines with core businesses in upscale office and retail leasing and premium residential development.