Waterfront Properties (Private) Limited, the subsidiary controlled by John Keells Holdings PLC has finalized a syndicated project development facility amounting to USD 395 million with the Standard Chartered Bank thus concluding the required debt financing for the project.

John Keells’ Waterfront Project situated in a premier location of Colombo includes a 6 star hotel, apartment blocks, large retail centre, office buildings and car parks. It is a city within a city.

While the project was under the former government’s Strategic Projects Development Act, work began on the site in March 2014 and was to be complete in 2018.

However, following the regime change, the new government halted this project while banning new casinos and other gaming facilities proposed at the venture between Australian James Packer’s Crown Resort and Lake Leisure, Water Front Properties and Queensbury Leisure hotel projects.

John Keells Holdings PLC 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.

The company said 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.

The project continued as planned after the overall brand architecture for the ‘Waterfront Project’ being finalized with the project being branded as ‘Cinnamon Life’.