Dec 17, 2020

Browns Investments - CHEC enters landmark agreement Featured

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

China and Sri Lanka have long established an enduring relationship characterised by economic cooperation and societal collaboration, so this partnership further underlines the confidence and commitment to development in the country through the combination of a world-renowned Sri Lankan conglomerate and a distinguished Chinese enterprise.

This is a milestone project with an investment value totalling USD 1 billion, 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 as well as a strong commitment towards social responsibility, it is certain that this project will drive long-term sustainable development.

Port City Colombo (PCC), a vision to build a World Class City and to be the financial and modern services hub for South Asia was spearheaded by the then-President and current Prime Minister of Sri Lanka  Mahinda Rajapaksa and was jointly inaugurated together with the Chinese President Xi Jinping in 2014.

The reclamation of 269 hectares of land from the Indian Ocean was completed in January 2019 and was declared part of Sri Lanka in July 2019 after complying with all necessary formalities including a Parliament resolution. Infrastructure development covering internal road network, water channel, utility connectivity, 2 km long public beach front and a 14-hectare large Central Park is currently in full-swing and on schedule for completion in 2021 where the PCC is well set to be the leading retail, residential and business destination in South Asia.

Built as an extension of the existing Colombo Central Business District, the PCC had an initial investment of USD 1.4 Bn and an expected overall investment of USD 15 Bn when completed. There will be 5 different precincts in the completed Mixed Development scheme, namely the Financial District, Central Park Living, Island Living, The Marina and the International Island.

With an estimated 5.7 Mn square metres of Built-Up Area, the PCC will boast some of the best in design, in terms of offices, medical facilities, educational facilities, Integrated Resort, Marina, Retail Destinations, Hotels and various Lifestyle Developments. Using the latest sustainable city designs and smart city concepts, PCC will be at the cutting-edge of global standards and is anticipated to be a focal point of South Asia.

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

Further to this, 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 boasting the lifestyle and business facilities comparative to that of other renowned business hubs in the region, as well as on a global level. The CIFC Mixed Development Project is set to be positioned in the fast-developing South Asia region as a locally relevant but internationally appealing composite development. Both the Port City and its CIFC Project are sure to be facilitators in promoting FDIs to Sri Lanka.