Bolstered by a recent financing arrangement with DFCC Bank, Havelock City's commercial complex, Mireka Tower, is set to finish construction on 31 July 2021 and officially open to the public by September the same year.
Overseas Realty (Ceylon) PLC Group Director and CEO Pravir Samarasinghe told The Sunday Morning Business on Thursday (22) that the 50-storey office tower and 200,000 sq. ft. shopping mall was set to finish construction by March 2021. However, with the initial outbreak of the Covid-19 pandemic in Sri Lanka and the long curfew that followed, the project got pushed back to July 2021.
On 14 October, DFCC Bank entered into a Rs. 9 billion revolving financing arrangement for the Havelock City Commercial Development Project, a fully owned entity of Overseas Realty (Ceylon) and the owner of the World Trade Center (WTC) in Colombo.
DFCC Bank Director and CEO Lakshman Silva, commenting on the financing facility, said: “This transaction further stands testament to the ability we have to close large transactions and manifests our strong and continued commitment to support in navigating the current financial uncertainties and challenges posed.”
He explained that none of their plans for the project has since changed, with the company proceeding with the Urban Development Authority (UDA)-approved design.
“Sri Lanka's current Covid-19 status will not impact us since 95% of our staff are living on the project site itself. We have 600 contractors staying on site and they do not move around, and we do not plan on hiring any new people.”
Samarasinghe added that the property will be for leasing only, and has already managed to lease 50% of the shopping mall space and 10% of the office tower space. Moreover, the tower will also provide its residents with several other facilities including a gymnasium, training rooms, meeting rooms, and an executive club/sky bar.
Mireka Tower was first announced for pre-leasing in 2019 and the development last announced the completion of the tower’s roof slab last August. The tower is set to be a 600,000 sq. ft., premium “Grade A” office space that is LEED Gold-certified and is being designed by Singapore-based P&T Group, while construction work is being done by the China Harbour Engineering Company (CHEC).
The development is part of Havelock City which claims to be Sri Lanka’s largest mixed development project, built on 18 acres of prime land Colombo.
On 14 October, DFCC Bank entered into a Rs. 9 billion revolving financing arrangement for the Havelock City Commercial Development Project, a fully owned entity of Overseas Realty (Ceylon) and the owner of the World Trade Center (WTC) in Colombo.
DFCC Bank Director and CEO Lakshman Silva, commenting on the financing facility, said: “This transaction further stands testament to the ability we have to close large transactions and manifests our strong and continued commitment to support in navigating the current financial uncertainties and challenges posed.”
He explained that none of their plans for the project has since changed, with the company proceeding with the Urban Development Authority (UDA)-approved design.
“Sri Lanka's current Covid-19 status will not impact us since 95% of our staff are living on the project site itself. We have 600 contractors staying on site and they do not move around, and we do not plan on hiring any new people.”
Samarasinghe added that the property will be for leasing only, and has already managed to lease 50% of the shopping mall space and 10% of the office tower space. Moreover, the tower will also provide its residents with several other facilities including a gymnasium, training rooms, meeting rooms, and an executive club/sky bar.
Mireka Tower was first announced for pre-leasing in 2019 and the development last announced the completion of the tower’s roof slab last August. The tower is set to be a 600,000 sq. ft., premium “Grade A” office space that is LEED Gold-certified and is being designed by Singapore-based P&T Group, while construction work is being done by the China Harbour Engineering Company (CHEC).
The development is part of Havelock City which claims to be Sri Lanka’s largest mixed development project, built on 18 acres of prime land Colombo.