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Sri Lanka Equity Forum » Stock Market News » SilverNeedle, Abans Group to develop $ 100 m mixed-use lifestyle centre in Colombo

SilverNeedle, Abans Group to develop $ 100 m mixed-use lifestyle centre in Colombo

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
SilverNeedle Hospitality has partnered with the Abans Group, a family-controlled Sri Lankan conglomerate, to enter into a 99-year land lease with the Urban Development Authority (UDA) for a land parcel adjacent to Beira Lake in Colombo, Sri Lanka.
The joint venture between SilverNeedle Hospitality and the Abans Group will develop a mixed-use lifestyle centre, inclusive of a 200-room Next Hotel, a four-storey lifestyle mall and a 30-storey condominium tower. The total investment in the project is in excess of US$ 100 million.
SilverNeedle Hospitality’s development arm, SilverNeedle Hospitality Property, has been appointed development manager of the project.
“Our proven capabilities in the Asia Pacific region ensure we are well equipped to meet the demand for accommodation solutions from the growing influx of business travellers into Colombo. Through Next Hotels we are delivering a product designed for the business traveller by the business traveller,” said Iqbal Jumabhoy, MD and Group CEO of SilverNeedle Hospitality. “We will continue to increase our current portfolio in the Asia Pacific region by exploring and converting opportunities that fit our sustainable business model and growth strategy.”
At present, SilverNeedle Hospitality operates 67 properties in the Asia Pacific region under the Chifley, Australis, Country Comfort, and Sundowner brands along with a growing portfolio of independent boutique hotels under the ‘SilverNeedle Collection’ brand.
The world’s first Next Hotel is under development in Brisbane and is scheduled to be fully open in 2014.
http://www.ft.lk/2013/02/26/silverneedle-abans-group-to-develop-100-m-mixed-use-lifestyle-centre-in-colombo/

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