Luxury Hotel Development - Port City

Description :

Project Name :
Port City - Luxury Hotel Development
Proposed Project Description :
Luxury branded hotel development.

Plot 2-01-11 is for hotel use in the Island Living District with a site area of 24,324.16 Sq.m.

The plot is located at the southeast corner of the Island Living District, overlooking the Marina District. The Island Living District is predominantly residential district with few mixed use developments and hotel properties as key anchor commercial developments.

The hotel is located at the starting point of the beach and offers great panoramic views of the existing CBD, the financial district, the Marina district and the Indian Ocean. Given the prime location, the architecture of the building is conceived to be iconic. Majority of the building will be for hotel use, with portion for retail use mainly located within the podium development along ground levels.
Expected investment :
Approx. Estimated USD 233.0 Million (including land lease, construction, FF and E, pre-operational, working capital)
Expected method of partnership :
Foreign investors are permitted 100% ownership of real estate investment. Project Company is able to facilitate potential partnerships with interested parties locally and internationally, if required.
Employment generation :
NA
Market potential :
High. Colombo has been consecutively ranked as South Asia’s Best City to Live in by Mercer, reflecting Colombo’s attractiveness for businesses and mobile talent. Sri Lanka also offers a substantial pool of high quality human capital and competitive costs of doing business. Port City Colombo is expected to further enhance this appeal as a master-planned urban development. Following factors are expected to accelerate the roll-out of Port City: >A Special Economic Zone law to promote economic activity in the Service Sector (Offshore banking, regional Head quarter operations, ICT, knowledge and tourism related services). >Promote collaborations with international professional service companies to foster innovation and talent development >Prioritize government initiatives and incentives and investment into the most attractive priority sectors >Potential for growth in city tourism with currently a minimum presence of global hotel operators >Lack of sizable land parcels for development in the existing CBD – particularly in close proximity to the beach and with access to modern high quality infrastructure Sri Lanka has won Multiple awards in travel and tourism sector >Travel publication Conde Nast Traveler website included Sri Lanka for their 20 best countries to travel to in 2020 list. >Sri Lanka was ranked the No 1country in Lonely Planet‘s Top 10 countries to visit in 2019 >TravelLeisure ranked Sri Lanka as the World’s Best Island in 2019 / 2020 >Sri Lanka was identified by the Forbes as the best safari destination outside of Africa >Colombo won the first place as Asia’s Leading Emerging Tourism Destination at the World Travel Awards 2019.
Payback period :
NA
Period to commence commercial operation :
NA
Current status of the project :
Available for investment
Common infrastructure and utility availability :
Temporary utility facilities (electricity/ water) and access to sites are available as at date to commence construction. Permanent utility connections will be provided by June 2022.

The Port Access Elevated Highway, connecting the Bandaranaike International Airport to Port City within 25 minutes, is under construction and is expected to be completed by September 2022. This will also connect Port City to the National Expressway network.

Port City is located in the heart of Sri Lanka’s capital, adjoining the Port of Colombo and in close proximity to the main railway and bus stations in Colombo.
Geographical Location :
6°55'40.5"N 79°50'10.0"E
Land Extend :
Sri Lanka
Estimated Land value :
Market prices to be negotiated based on project proposal
Land Agreement/ownership :
99 years lease from the Government of Sri Lanka
Benefits to the Investor :
Depending on the size of the investment, Income tax holidays for up to 25 years and a waiver of border tariffs & sales taxes on construction material (Developer cost savings of 30% - 40%).

Dividends to non-resident entities are exempt from income and withholding taxes.

Property and wealth taxes are also not applicable in Sri Lanka as at date.

Sri Lanka also has avoidance of double-tax treaties with 46 nations.

Permits 100% repatriation of capital and profits.

Access to talented human capital of a 92% literacy rate; 30% lower costs in comparison with the other outsourcing destinations.

Port City is expected to be declared as a Special Economic Zone for services, with enhanced fiscal incentives and simplified processes for investment and conducting business. Further details will be provided during the presentation.
Contact details :
(Name, Designation, Institute, Telephone, Email, Website)
Ms. Yamuna Jayaratne
Director – Sales & Marketing , CHEC Port City Colombo (Pvt) Ltd
+94764548583
yamunaj@chec.lk