Shreepati Edifice signs US $ 330mn agreement with BoI
Wills Realtors to be the local partner of the project
Tower will have ground + 96 floors
Shreepati Edifice (Pvt.) Ltd, a unit of leading Indian real estate developer Shreepati group, has signed an agreement with Sri Lanka’s Board of Investment (BoI) to invest US $ 330 million to construct a mixed development project named ‘1996 Iconic Tower’.
A BoI statement said the high-rise iconic tower will be the landmark and the tallest building in the country.
“It will comprise of ground + 96 floors with an approximate height of 363 meters and when completed, it will have 376 residential apartments, 92 penthouses and modern amenities like entertainment desk, business centre, swimming pool, gymnasium, spa and outdoor yoga and sky decks,” the statement added.
It is anticipated that the tower will be completed within 48 months.
The 350-meter Lotus Tower, which is currently being built with Chinese funds, was tipped to be the tallest tower in Sri Lanka and entire South Asia, once completed.
The structure of the building is tubular and is a tribute to the Sri Lankan Cricket team, which won the World Cup in 1996.
Chairman Upul Jayasuriya signed the agreement on behalf of the BoI of Sri Lanka, while Directors Rakesh Chandra Pandey and Rajan Sirivastav Irectors signed on behalf of the Shreepati group.
This state-of-the-art iconic tower will be constructed on a two-acre land in Rajagiriya.
The land has been leased out by Urban Development Authority to Wills Realtors (Pvt.) Ltd, a local company chaired by the captain of the 1996 World Cup winning team Arjuna Ranatunga, who is also the Ports and Aviation Minister of the new government.
The other 13 members of the World Cup winning team are directors of the company.
The Shreepati group, an ISO 9001:2008 company, has built a solid reputation having successfully completed prestigious residential projects, which have become landmarks on the canvas of the city of Mumbai.
They are also the architects of India’s tallest residential high-rise ‘Shreepati Arcade’.