LOLC and CHEC to invest in Port City Colombo | Sunday Observer

LOLC and CHEC to invest in Port City Colombo

27 December, 2020

Browns Investments PLC, the strategic investment arm of the LOLC Group, has entered into a landmark agreement to partner China Harbour Engineering Company Limited to commence the Colombo International Finance Centre Mixed Development Project in the Port City Colombo.

This is a milestone project with an investment value totalling USD 1 bn, representing important long-term implications on the economic growth of Sri Lanka, and has been accordingly declared a Strategic Development Project under the Strategic Development Projects Act No. 14 of 2008.

With two companies at the helm with substantial international expertise and a strong commitment towards social responsibility, it is certain that this project will drive long-term sustainable development.

The inaugural vertical development of Port City Colombo (PCC) will be a mixed-use development which will be the Colombo International Finance Centre (CIFC), divided into two phases of implementation.

Phase I comprises the construction of residential, commercial and retail asset components set to break ground in mid-2021. Phase Two will be a commercially-oriented development with office and retail space offerings that will commence construction parallel to the start of Phase One. Located in the gateway of PCC on a total land extending across 6.8 Ha, the CIFC project will have unparalleled views of the Indian Ocean along the South-Western side of the development.

There will be breath-taking views of the Colombo Port and Financial District, particularly on the East where Grade-A offices, banks, five-star hotels, luxury shopping malls and tourist refreshment areas and attractions are scattered within a 500-metre-radius. CIFC is expected to attract locals, expatriates and foreigners while boosting the lifestyle and business facilities comparative to that of other renowned business hubs in the region, as well as on a global level.