Developer Tao in Colombo to Present Final Phase of $350mn Havelock City Project

25th November 2010, www.island.lk

Chairman of Overseas Realty (Ceylon) PLC, S P Tao will be in Colombo in the first week of December to present the designs for the final phases of the Havelock City project, the company announced yesterday.

"This presentation is envisaged to include development plans for the remaining six residential towers, the Clubhouse, Sri Lanka’s largest and most modern shopping mall as well as plans for office towers and a hotel. As anticipated, after completion, Havelock City will change Colombo’s skyline unlike any other development project which has been undertaken to date," it said.

The project is estimated to cost US$ 350 million, of which US$ 40 million has already been spent.

"The internationally known real estate developer who heads Singapore’s Shing Kwan Group, is the majority investor of Overseas Realty, with a wide range of large real estate developments within its portfolio internationally. These include Marina Square and the Gateway Building in Singapore, the Shanghai Mart in Shanghai, China and the World Trade Center in Jakarta," Overseas Realty said.

"Overseas Realty is the single largest foreign investor in Sri Lanka with its investment in Colombo’s iconic World Trade Center and now Havelock City. Havelock City is being developed on the single largest cleared site in Colombo spanning over 19 acres and consists of both commercial as well as residential components. Phase One of Havelock City comprising Park and Elibank Towers is already complete, with a majority of the 226 apartments sold and residents already in occupation," it said.