Framework agreement signed for $1.56 bn Phase 2 development of Colombo Port City

Key players in the development of Colombo Port City have finalized a groundbreaking USD 1.565 billion deal in Beijing, advancing phase two development of the Colombo Port City, encompassing the Marina Project, Marina Hotel, and Colombo International Financial Centre (CIFC) Project.

Accordingly, the corporation framework agreement was signed by Port City Economic Commission, China Harbour Engineering Company, Browns Investments and Hunan Construction Investment Group for the phase 2 development of the Colombo Port City project in Beijing on Tuesday (17).

The total investment value would be around USD 1.565 billion with the agreement covering the development of the Marina Project and Marina Hotel Project and the Colombo International Financial Centre (CIFC) Mixed Development Project. 

The agreement has been signed by the Chairman Port City Economic Commission, Dinesh Weerakkody, Chairman of China Harbour, Tang Qiaoliang, Director of Browns Investment, Kamantha Amarasekera and Chairman of Huan Construction Investment Group, Cai Dianwei.

The investment also includes the construction of an International Financial Center and the investment would be around USD 500 million. The construction is scheduled to begin early next year. A five star hotel too would be included under this investment. In addition to this development, the next mega break though would be the opening of the duty free complex within the Port City by the end of the year which is tol be operated by a Singaporean firm.