Diversified conglomerate and construction giant, Access Engineering PLC said it invested Rs.2.3 billion in a mixed development project jointly developed with Singapore’s Mustafa’s (Pte) Ltd and China Harbour Engineering Company (Lanka) Limited.
The agreement to set up the mixed development project by the developer Hotel 10 (Private) Limited, a joint venture company of Access Engineering, Mustafa’s and China Harbour, was signed with Sri Lanka’s Board of Investment on January 10, 2017. The development, titled ‘Harbour Village,’ will take place on a five-acre land situated at No.250, Srimath Ramanathan Mawatha, Colombo 15. Access Engineering said the land, which overlooks the Colombo port, is located 2km from the city centre and Port City development.
‘Harbour Village’ that will comprise of around 250, 000 sq.ft. commercial and recreational areas and around 1, 000 dwelling units will cater to the middle income/upper middle income segments with the objective of providing affordable luxury at a prime location.
The total development cost is estimated at approximately Rs.10 billion.