Singapore Company to invest Rs.360 Bn | Daily News
Colombo Lotus Tower to become an entertainment hub

Singapore Company to invest Rs.360 Bn

Already paid over Rs.200 million and reserved nearly 45,000 square feet
Further investments in surrounding areas of Lotus Tower to develop the Night life
CEO, Lotus Tower Development, Maj Gen.(Rtd)  Prasad Samarasinghe and  Kreate Design Singapore Business Development Director Cintia Chan exchange the agreement while Tourism State Minister Diana Gamage looks on. Picture Wimal Karunatilake.
CEO, Lotus Tower Development, Maj Gen.(Rtd) Prasad Samarasinghe and Kreate Design Singapore Business Development Director Cintia Chan exchange the agreement while Tourism State Minister Diana Gamage looks on. Picture Wimal Karunatilake.

Signalling the biggest post COVID investment for the tourism sector, Kreate Design Pte Limited of Singapore pledged to invest Rs.360 billion (USD one billion) within the next three years towards converting Colombo Lotus Tower into an entertainment hub.

The investment includes a casino, conference and international shopping centres, water sports as well as several other entertainment options, Kreate Design Singapore Business Development Director, Cintia Chan said.

She said that though Sri Lanka is going through economic issues it still attracts investor appetite and this is why we are bringing USD one billion Plus to invest.

“While Sri Lanka is a beautiful country with rich natural resources it has not lost its investor appeal.”

“We have already paid over Rs. 200 million and have reserved nearly 45,000 square feet in several floors for our investment.”

We will bring in the first USD 100 million within the next three months.”She also said they will promote Colombo Lotus Tower as an entertainment hub similar to Sentosa Island in Singapore and many other countries in their region.” ”We are also planning for further investments at D.R.Wijewardene Mawatha and surrounding areas of Colombo Lotus Tower especially to develop the Night Economy.”

Tourism State Minister Diana Gamage said that the Singaprean company has also promised to promote tourism and aims to bring in around 1 million in the next two years.

“We also plan to revisit legislative and compliance framework to ensure sustainable Economic development.”

CEO Colombo Lotus Tower Maj Gen (Rtd) Prasad Samarasingehe said that the Lotus tower was branded as a while elephant for the past nine years and after taking it over two months ago it has become a profitable venture not only earning rupees but USD as well. “We have already earned nearly Rs.200 milion revenue so far.”


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