Singapore-based renovation and interior design company, Kreate Design Pte. Ltd. today (Nov. 18) signed a USD 1 billion investment agreement with the Colombo Lotus Tower Management Company (Pvt) Ltd.
This investment agreement will see the development of water sports and an entertainment zone at the Lotus Tower in Colombo within the next six months.
The Lotus Tower, considered the tallest self-supported structure in South Asia and the tallest skyscraper in Sri Lanka, officially commenced operations on September 15, 2022 as it was declared open to the public.
Measuring up to 356 metres in height, the Lotus Tower was constructed with a cost to the tune of USD 113 million. A Chinese company granted USD 88.65 million while the rest was borne by the Sri Lankan government. The loan instalments are due to be completed by 2024. USD 66.3936 million of the loan has already been paid.
Colombo Lotus Tower Management Company (Pvt) Ltd. is a company established in March this year under the Treasury and all its transactions are audited by the Auditor General’s Department.
The loan agreement between the Telecommunication Regulatory Commission of Sri Lanka (TRCSL) and China was initiated and the work on the Lotus Tower commenced in 2012.