Sri Lanka World News

Singapore’s Mustafa Center to build US$200mn complex in Sri Lanka

Colombo, March 3 (NIA) – Singapore’s popular Mustafa Centre will go head with a 200 million US dollar mixed development project in Sri Lanka, the Head of BOI, Upul Jayasuriya said here Friday. 
An EconomyNext report, quoting Jayasuriya said the Mustafa’s project in Sri Lanka will have a hotel and apartments as well as a shopping complex.
The complex will come up in the Kotahena area of Sri Lanka’s capital Colombo.
Jayasuriya, in an interview with the weekend paper Sunday Times said last month that the return of Mustafa is reminiscent of a famous Egyptian hit “Ya Mustafa Ya Mustafa” which was popular on Sri Lankan airwaves in the 1960-70s.
The popular Singapore retailer – where many Sri Lankans made a beeline for shopping – is returning to revive its mixed development project under the banner of Hotel Ten (Pvt) Ltd in an agreement that was originally signed in 2012.
The project will feature a 975-room hotel, a retail development store, 400 serviced apartments and a 1,000-vehicle car park, with a gross floor area (GFA) of 142,125 sq metres at Sir Ramanathan Mawatha, Colombo 15.
The Mohamed Mustafa Group has already made an upfront $10 million dollar investment with a bank guarantee of $3 million pledging to bring $60 million within three years during the project construction period, Jayasuriya said.

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