Business

Havelock City commercial complex delayed

  • New opening date set for March 2022
  • Lockdown driven by new wave cited as a reason

By Yakuta Dawood

Havelock City’s commercial complex, Mireka Tower, which was anticipated to be opened in September this year after finishing its construction work in July 2021, is now delayed due to the current situation in the country.

Speaking to The Sunday Morning Business, Overseas Realty (Ceylon) PLC Group Director and CEO Pravir Samarasinghe disclosed that the commercial complex is now estimated to be completed by February 2022 and then open to the public and for occupation by March 2022 – a delay of half a year.

“The construction naturally got delayed due to the lockdown caused by the prevailing Covid-19 condition,” Samarasinghe added.

On 14 October 2020, 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 last year, 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.”

However, all attempts to reach Silva on 2 September for an update proved futile.

According to the press release issued by Overseas Realty, Havelock City’s commercial complex is a 50-storey commercial development that will feature 600,000 sq. ft. of office space adjoining a large shopping mall.

“Mireka Tower will house Grade-A, premium, energy-efficient office space at the 18-acre Havelock City mixed-use development along with expansive, column-free, and light-filled offices, alongside spectacular cityscape views,” the press release stated.

Further, it stated that Mireka will also house common facilities such as a gymnasium, training rooms, meeting rooms, and an executive club/sky bar. Its immediate proximity to the adjoining Havelock City shopping mall will bring with its easy accessibility to medical, banking, and telecommunication services, as well as a variety of retail and F&B (food and beverage) options.

Commenting during the time of the press release, Samarasinghe asserted that the development’s design, build quality, facilities and services, and easy access to all of Colombo – either by car or Light Rail Transit (LRT) – ticks all the boxes required of a prime office space.

“We are very confident that Mireka Tower will soon become the most sought-after commercial community in Sri Lanka,” he added.

Mireka Capital Land (Pvt.) Ltd. is a fully owned subsidiary of real estate developer, property investment, and management company, Overseas Realty. Designed by the Singapore-based Palmer & Turner Group, the LEED Gold-certified Mireka Tower is the newest addition to Overseas Realty’s portfolio of high-end projects.

Guided under the leadership of Overseas Realty Founder and Singapore-based Shing Kwan Group Principal Shareholder S.P. Tao, the company has a long and successful history of developing a wide range of landmark commercial, residential, and mixed-use projects.