JKH Waterfront Project to continue

JKH Chairman Susantha Ratnayake ringing the bell to begin trading at the Colombo Stock Exchange yesterday. JKH Deputy Chairman, Ajit Gunewardene, CSE Chairman, Vajira Kulatilaka at the event

John Keells Holdings (JKH) will continue the Waterfront Properties project as planned despite the new government’s amendment to restrict the ability to rent space for gaming activities, JKH Chairman Susantha Ratnayake said.

“The project is progressing well and it has only released out the space reserved for the casino parlour under new government’s ruling,”Ratnayake told the Daily News business.

Prime Minister Ranil Wickremesinghe announced in Parliament that the agreements entered into with Waterfront Properties (Private) Limited under the Strategic Development Act will be amended to restrict the ability to rent space for gaming activities.

Ratnayake said these proposed amendments will not constrain project and will be completed on schedule in 2018. “Whilst the proposed amendment will constrain the ability to command premium rental on this component of the project, the multi-faceted nature of this development gives your board the confidence that the project will still be viable given its diverse portfolio of revenue streams and iconic design which we believe will transform the landscape of Colombo,” JKH said in a statement.

The conglomerate said the overall brand architecture for the “Waterfront Project” has now been finalized and the project will be branded as “Cinnamon Life”. He said that demand for both the residential and commercial spaces continues to remain. The government banned the setting up of new casinos and other gaming facilities in projects that come under the Strategic Development Act.

Source : http://www.dailynews.lk/?q=business/jkh-waterfront-project-continue

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