Lotus Tower to blossom with Rs. 3 bn projected annual revenue | Daily News

Lotus Tower to blossom with Rs. 3 bn projected annual revenue

Floating restaurant, banquet facilities and theatres
Provisions for mega events and gaming zones

The new management of South Asia’s iconic landmark, Lotus Tower (Nelum Kuluna) which will be opened to the public from today (15) is to generate Rs.1.3 billion annually to the national coffers from 2023 proving it to be a profit making entity and erasing off its tag ‘white elephant’.

The revenue would be collected from ticket sales, renting spaces to both local and foreign investors and also from a series of mega events, banquets for which the tower is already booked from November.

CEO of newly formed Colombo Lotus Tower Management Company, Maj. General (retired) Prasad Samarasinghe said that in addition they have called for proposals to manage the main attraction of the tower, floating restaurant and also banquet and gaming areas and international companies like Marriot; Raffles along with local players like Softlogic have forwarded proposals. Lotus tower is the world’s tallest tower built on the heart of a city and hence a Japanese company has requested permission to introduce ‘bunchy jumping’ from the top of the tower. They will charge USD 600 from each person bringing dollar earrings from Lotus tower as well.

When all these bids along with ground floor shop and mid floor office spaces are rented out within the next few months Lotus Tower annual income to the Government treasury would pass Rs. 3 billion mark per year. It was also disclosed that it was the TRC which initially proposed this project mainly for telecommunication purposes in 2008 and subsequently the project got underway in 2012 with funding of USD 88 million coming from EXIM Bank of China and USD 16 million from TRC and the project was to be completed in 2015. However only 68% of the loan was given and also the Chinese constructor sought a further two years to complete the project in which time the project was not fully completed. Later this Chinese company was blacklisted.

Former President Gotabaya Rajapaksa made a sincere attempt to open the tower and in 2020 a voluntary committee comprising of engineers and corporate think tanks were appointed who then prepared a new business model to suit the current demands which is now being implemented and Rs. 500 million advance was given by the Treasury towards the opening of the tower.

Then President Maithripala Sirisena officially opened the tower in 2019 but the exercise was only limited to a costly opening ceremony and hence there would be no major opening ceremony said Minister of Investment promotion Dilum Amunugama who did an inspection tour to the tower last morning.


Casino, Beira Lake cruise on the cards

A local casino player has also forwarded a proposal to open a casino on the top floor for which permission is now sought.

Lotus Tower management is negotiating with the Sri Lanka Navy to launch a Beira Lake cruise that will start and end from the Lotus Tower.


Telescopes to view Sigiriya Rock, Knuckles Mountain and Adams Peak

The Lotus Tower management has got stuck in importing telescopes from Germany that can view Sigiriya Rock, Knuckles Mountain and Adams Peak during different times as they cannot open LC’s.

Minister Amunugama promised to mediate with a State bank to help in the importation of telescopes.



Modern elevators for less than 49 second access to top floor

CEO, Colombo Lotus Tower Management Company, Maj. General. Samarasinghe said that chairmen of SLT Mobitel and CEO of Dialog along with senior officials of the TRC went through a major scare when the lift they were travelling in the Lotus tower which had not been operated for two years got stuck while they were on an inspection tour two years ago.

Emergency measures had to be used to take them out. Samarasinghe said that subsequently Japanese experts had to be flown in to repair the eight lifts which now travel to the top floor in less than 49 seconds. Energy cost per passenger per ride is Rs. 17.







Add new comment