Waters Edge Private Ltd owned and operated by Urban Development Authority (UDA) will invest Rs. 13 billion to build a five star hotel and apartment complex.
This is the biggest hotel project to be constructed in Sri Lanka with local funding this year. The introduction of the hotel will also make the venue a one stop shop for Meeting Incentive Conference and Exhibitions (MICE).
The hotel will have 186 rooms and 225 apartments and will be built at the Waters Edge venue in Battaramulla.
Waters Edge Chairman Chamath De Silva said that a unique feature of this complex will be that the government will not have to invest any money for it. The UDA is expected to call for local and international tenders to build this hotel.
“We will raise the entre capital of for the complex by selling apartments.” However the management will borrow Rs. 6 billion to maintain the cash flow for the project.
DeSilva said the Waters Edge will also build a modern sports complex in similar fashion in an adjoining land of 12 acres.
“This will cater to 18 sports and here again it would be built by the private sector,” he added. He said that the Waters Edge also earned a record Rs. 200 million net profit for 2015. “We are aiming for a Rs, 1.3 billion revenue and a profit of Rs. 230 million for 2016.”
The institution which was taken over by the government subsequent to a court order in 2005, from a private entrepreneur is planning to go paperless from 2017.
In addition we also hope to diversify to entertainment and recreation to meet the future demands of the country. The management is also looking at introducing a special Sri Lankan dish with global acceptance similar to Kentucky Chicken and Pizza. “We have hired a special Research and Development arm for this and will invest around Rs. 10 million to meet this goal.”
The Water’s Edge also boasts of a sea plane landing facility, a pontoon to cater to 40 guests, many specialty restaurants and a large garden area for dining and hosting parties and weddings and many other facilities which helps the property to be marketed as a high end resort.
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