Browns Investments PLC has entered into an agreement with China Harbour Engineering Company (CHEC) for a mixed development project related to the Colombo Port City.
According to the Daily Mirror, the strategic investment arm of LOLC Group has entered into an agreement to set up the project at the Colombo International Finance Centre (CIFC) of the Colombo Port City.
A residential apartment tower, one serviced apartment tower, one office tower and a retail podium on the ground floor will be constructed under the mixed development project.
The project has been estimated at US$1 billion covering a land area under development of 6.8 hectares.
Investment for phase one of the project amounts to US$ 450 million with a buildable land area spanning 3.06 hectares. (NewsWire)