John Keells Holdings PLC has instructed its subsidiary Waterfront Properties (Private) Limited to engage with the government over the announcement by Prime Minister Ranil Wickremesinghe that the agreements entered into by Waterfront Properties (Pvt) Limited under the Strategic Projects Development Act will be amended to restrict the ability to rent space for gaming activities.

It also states that while this proposed amendment would constrain the ability to command premium rentals on this component of the project, the multi-faceted nature of this development gives the Board of Directors the confidence that this project would be still viable given its diverse portfolio of revenue streams and iconic design which it believes would transform the landscape of Colombo.

Hence, this project would continue as planned. The overall brand architecture for the ‘Waterfront Project’ has now been finalized with the project being branded as ‘Cinnamon Life’ and the demand for both residential and commercial spaces remain encouraging.