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Cabinet officials

Sri Lanka's Port City to Host Multi-Billion Dollar Investments and Artistic Marvels

Strategic Insights

— 1 min read

Colombo is set to become a hub for artistic innovation with the development of multi-billion dollar projects in the Port City, including a 15-Meter Grand Clock designed to rival Big Ben. The new art piece, part of the Clothespin Towers project, is poised to enter the Guinness World Records as the biggest art piece in the world. The project, undertaken by Clothespin Management and Development (Private) Limited, will feature luxury residences, a seven-star hotel, high-end retail spaces, and elite office environments, all while housing the world's largest art gallery.

Key Takeaways:

  • The Clothespin Towers project in Colombo Port City will be developed by Clothespin Management and Development (Private) Limited with an investment of USD 540,104,317.
  • The project will integrate luxury residences, a seven-star hotel, high-end retail spaces, and elite office environments, all while housing the world's largest art gallery.
  • The art gallery will display works by renowned global artists and host prestigious exhibitions.
  • The project will recruit 280 employees in the first year.
  • The proposed development of Clothespin Towers is poised to enter the Guinness World Records as the biggest art piece in the world, with a 15-Meter Grand Clock designed to rival Big Ben.
  • Other projects in the Port City include a luxury residential project by ICC Port City (Private) Limited and a mixed-use development project by IFC Colombo 1 (Pvt) Ltd.
  • Ceylon Real Estate Holdings (Private) Limited will also undertake a project to develop a business and commercial city complex in an area of 30,629.92 sqm.

Statistics:

  • USD 540,104,317: The total investment for the Clothespin Towers project.
  • USD 75,000,000: The allocated budget for land lease for Clothingpin Towers.
  • USD 465,104,317: The budget for construction costs and pre-operative expenses for Clothingpin Towers.
  • 280: The number of employees to be recruited by Clothingpin Towers in the first year.
  • 25 years: The validity period for tax exemptions granted to the projects in the Port City.
  • 6 months: The time period within which the tax exemptions will be effective.

Sources:

  • Gazette notifications issued by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning, and Economic Development.
  • Clothespin Management and Development (Private) Limited.
  • ICC Port City (Private) Limited.
  • IFC Colombo 1 (Pvt) Ltd.
  • Ceylon Real Estate Holdings (Private) Limited.

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