Casino ban fails to deter John Keells' Sri Lanka mixed-development project
The nation's biggest conglomerate is going ahead with US$850m plan
Colombo
A BAN on casinos by Sri Lanka's new government isn't stopping the nation's biggest conglomerate from pressing ahead with a US$850 million development project as the island rebuilds from a 30-year civil war.
Lenders are fully committed to John Keells Holdings plc's Waterfront Properties mixed-development project in Colombo though the absence of a casino may take some sheen off it and dent revenue, chairman Susantha Ratnayake said.
The Colombo-based group, which is into banking to property and port terminals, is expanding its leisure business to tap rising demand as the US$67 billion economy rebounds after the war ended in 2009. The project, which envisages malls, commercial and residential space and convention halls, will drive the next phase of growth for John…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases
German home building permits tumble 18% in February, extending rout