Selendiva Investments Ltd. has called for Expressions of Interest (EoIs) from foreign and local investors for the development of the over 150-year-old colonial heritage properties, the Grand Oriental Hotel (GOH) and the York Building, which are part of the integral development in the proposed ‘Heritage Square’ in Colombo.
The objective of the initiative to refurbish and restore York Building which houses the famed and historically renowned GOH is to pay tribute to its former glory.
As per sources from the Finance Ministry, the refurbishment project is expected to have 110 luxury rooms, five conference rooms and five food and beverage (F&B) outlets. The building will also have 26 high-street retail outlets and 30 branded residents/suites.
The prospective investors should have a proven track record of investments in developing assets in the hospitality sector and the desire to partner with SOEs for its development. Interested investors should submit their EOIs on or before 10 January 2022.
Selendiva Investments Ltd. is a State-owned Enterprise (SOE) and has the Treasury Secretary of the Finance Ministry as the sole shareholder.
It was formed in 2020, following approval of the Cabinet of Ministers to restructure selected assets in the hospitality industry under a Special Purpose Vehicle (SPV) – Selendiva Leisure Investments Ltd. – by attracting investors and operational experts.
The government has begun the surveying and assessing some of the 17, valuable land and property located in Colombo which is now up for long term lease under public private partnership for foreign and local investors to implement mega mixed development projects.
The aim is to make maximum use of buildings and lands surrounding the Colombo Port City as Public Private Partnerships (PPPs).
Government is set to lease out hundred acres of prime land to Chinese companies in the Colombo Fort and Slave Island areas, as Beijing continues to seize strategic control of Sri Lanka’s capital city, its major highways, and ports, informed sources claimed.
The properties classified as the Colombo Fort Heritage Square investment portfolio include;Grand Oriental Hotel and York Building,Gafoor Building,Ministry of Foreign Affairs,Postal Department Head Office, the Hilton Colombo,Grand Hyatt Cinnamon Lakeside Cinnamon Lakeside Colombo.. M.O.D. Cyber Operation Centre,and Army Electrical and Mechanical Engineering Regiment Headquarters.
Meanwhile, the Cey Nor Restaurant along D.R. Wijewardena Mawatha, the mega mixed development project of the Waters Edge Hotel and the International Coordination Centre in Kankesanturai in Jaffna and Police Headquarters are classified as the immovable property development investment portfolio.
Manager of the Cey Nor restaurant has said that some groups have visited the property, as it has been identified for an investment project.
It has already been revealed that valuable properties in Colombo are to be handed over for investment projects under an entity named Selendiva Investments.
“A paper tabled before the cabinet recently proposed to vest these real estate properties, through a Special Purpose Vehicle under an entity named Selendiva Investments.