By: Staff Writer
January 20, Colombo (LNW): The liquidator of The One Transworks Square Ltd. has formally invited investment proposals for the long-stalled Krrish Building project in Colombo, a large-scale mixed-use development currently under liquidation. Marketed as a landmark investment opportunity, the project combines luxury hospitality, branded residences, office space, and premium retail within a single integrated complex.
The proposed development consists of three high-rise towers with a total construction footprint of approximately 5.23 million square feet. Original construction costs were estimated at $665 million, with an additional $47 million allocated for development and design, bringing the total project value to around $712 million.
Tower A, together with the podium, accounts for nearly 3.2 million square feet across 84 floors and was designed to accommodate a Ritz-branded hotel and luxury residences. Tower B spans 843,368 square feet over 74 floors and was earmarked for a JW-branded hotel and residential units. Tower C, the tallest of the three, covers 1.19 million square feet across 94 floors and was planned to house JW-branded residences along with office space.
Despite its ambitious scope, construction progress remains limited. Work completed to date is valued at approximately $85 million, excluding land costs. The land itself was originally acquired for $17 million, equivalent to about Rs. 5.1 billion.
The liquidator has opened two possible pathways for investors: either injecting capital to restructure and revive the company or purchasing the existing improvements along with the leasehold rights held by the entity under liquidation. Interested parties are required to submit comprehensive financial proposals, including a detailed concept paper, a bank comfort letter, investor credentials, and proof of prior experience in handling large-scale developments.
The deadline for submission of offers has been set for 28 February, signaling an effort to bring renewed momentum to one of Colombo’s most prominent yet unfinished developments.
The Krrish project was launched during the administration of former President Mahinda Rajapaksa and was promoted as a transformative addition to Colombo’s skyline. However, progress stalled amid financial difficulties and legal complications, eventually leading to liquidation.
Despite its troubled history, the project’s prime location, large scale, and internationally branded hospitality components continue to attract attention from potential investors. Industry observers note that, if successfully restructured, the development could still play a significant role in Colombo’s urban and tourism landscape.
