Access Engineering takes full ownership of Marina Square project

Access Engineering PLC has consolidated its control over the landmark Marina Square Uptown Colombo project, purchasing the remaining 33.33 percent stake (95,874,287 issued shares ) in its subsidiary, Harbour Village (Pvt) Ltd., for a sum of US$ 19 million. 

The seller was China Harbour Engineering Company Limited (CHEC), a major player in regional infrastructure development and the developer of the Colombo Port City project. The transaction was formally disclosed in a stock filing with the Colombo Stock Exchange (CSE) yesterday.

Harbour Village (Pvt) Ltd. is the entity behind Marina Square Uptown Colombo, recognised as Sri Lanka’s largest single-phase oceanfront mixed-development project. Upon completion, the development will feature 1,088 residential condominium units.

Access Engineering’s Executive Vice Chairman, Christopher Joshua, speaking to Mirror Business, confirmed the strategic move. 

“It’s a good investment,” Joshua stated. “We had the option of buying in the shareholding agreement and decided to exercise the option to purchase the 33.3 percent shares held by CHEC.”

The Marina Square Uptown Colombo project boasts a prime oceanfront location, offering panoramic views of the ocean, city, and mountains from most of its condominium units. It is strategically positioned to provide a front-row seat to the evolving Colombo skyline, particularly with the ongoing development of the nearby Port City. Furthermore, the complex is conveniently situated just 400 metres from the inner-city Elevated Expressway Network, which is currently under construction.

Spanning a total floor area of over 2.1 million square feet, Marina Square dedicates approximately 1.1 million square feet to residential units and 150,000 square feet to commercial space. The remaining area is allocated for common spaces and an array of amenities designed to foster an ‘Urban Luxury’ lifestyle. These include an infinity pool, clubhouse, games room, extensive kids’ play areas, indoor and outdoor gyms, and two acres of walking/jogging tracks and garden spaces. The integrated commercial space is planned to house a food court, retail outlets, wellness services, and select office spaces, catering directly to the needs of the residents.

According to Joshua, the construction of Marina Square is nearing its final stages, with completion and the commencement of commercial operations anticipated for April of next year. (NF)