Kreate Design Pte Limited of Singapore planned to invest Rs.360 billion (USD one billion) over the next three years in turning Lotus Tower into an entertainment destination, marking the largest post-COVID investment for the tourist sector.
According to Kreate Design Singapore Business Development Director Cintia Chan, the investment includes a casino, conference and international retail centres, water sports, and a variety of other entertainment possibilities.
She stated that even though Sri Lanka is experiencing economic difficulties, it continues to draw investor interest, which is why we are bringing in USD one billion or more to invest.
“While Sri Lanka is a beautiful country with rich natural resources it has not lost its investor appeal.”
“We have already paid over Rs. 200 million and have reserved nearly 45,000 square feet in several floors for our investment.”
We will bring in the first USD 100 million within the next three months.”She also said they will promote Colombo Lotus Tower as an entertainment hub similar to Sentosa Island in Singapore and many other countries in their region.” ”We are also planning for further investments at D.R.Wijewardene Mawatha and surrounding areas of Colombo Lotus Tower especially to develop the Night Economy.”
State Minister for Tourism Diana Gamage stated that the Singaporean firm has also vowed to promote tourism and hopes to draw in roughly 1 million visitors over the next two years.
“We also plan to revisit legislative and compliance framework to ensure sustainable economic development.”
Maj Gen (Rtd) Prasad Samarasinghe, CEO of the Colombo Lotus Tower, stated that the Lotus Tower had been characterized as a white elephant for the previous nine years, but since taking over two months ago, it has become a lucrative enterprise, earning not just rupees but also USD. “We have already earned nearly Rs.200 million in revenue so far.”
