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The Port City - Browns and China Harbour Engineering Company (CHEC) join forces for $ 450m investment

personPress Release | 19 Jan, 2021

The development of the Port City took a significant step on December, with Browns Investments PLC entering into a landmark agreement with China Harbour Engineering Company (CHEC) to commence the Colombo International Finance Centre mixed development project, which will involve an investment of $ 450 million.

The CIFC Mixed Development Project will be piloted over two phases, whereby Browns Investments is partnering with CHEC for Phase One via the incorporation of a Special Purpose Vehicle (SPV) company, a subsidiary of Browns Investments, the company said in a statement.

The total investment in Phase One amounts to $ 450 million with a buildable land area spanning 3.06 hectares, which is leased from CHEC Port City Colombo Ltd. to the new SPV that will be jointly managed by Browns and CHEC.

This will be a significant undertaking involving the construction of one residential apartment tower, one serviced apartment tower, one office tower and a retail podium on the ground floor. Ascending to 39 floors, the total Gross Floor Area across the investments will exceed 160,000 square metres, with residential and serviced apartments encompassing an area of over 88,000 square metres inclusive of parking, a retail space of 24,000 square metres, while the office complex will have a cross area of over 48,000 square metres, the company said.

The Colombo International Finance Centre (CIFC) Mixed Development Project is a $ 1 billion investment in total.

Port City Colombo (PCC), with a vision to build a world class city and to be the financial and modern services hub for South Asia, was spearheaded by the then-President and current Prime Minister Mahinda Rajapaksa and was jointly inaugurated together with Chinese President Xi Jinping in 2014.

The inaugural vertical development of Port City Colombo (PCC) is to be a mixed-use development which will be the Colombo International Finance Centre (CIFC), divided into two phases of implementation. Phase one comprises the construction of residential, commercial and retail asset components set to break ground in mid-2021. Phase two will be a commercially-oriented development with office and retail space offerings that will commence construction parallel to the start of Phase One.

Computer Generated images show how it look like when the project is completed

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