News ≫ Lotus Tower gets Green Light

Lotus Tower gets Green Light

Dec 24, 2015
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The Government has given the green light to continue the multi-million dollar Colombo Lotus Tower project without offering any compensation for the delay in the construction, officials said. Telecommunication Regulatory Commission (TRC) Director General Sunil S. Sirisena said the negotiations to go ahead with the project were completed with an offer to give a new extension to the agreement to complete the tower by October 2017. The lotus-shaped tower due to be used for communication, observation and other leisure facilities, costing US $ 104.3 million, funded by EXIM Bank of China was due to be completed by May 2015, but was halted earlier this year. Mr. Sirisena said that the Chinese company is due to submit its full plan by January end.The extended term to complete the project has been given after the Moratuwa University submitted its report. The Chinese company has been instructed to resolve an issue about the elevators. The 350 metre tower is to be designed with two reception halls, seven luxury rooms and an observation desk. The repayment term for the loan is 13 years, but depending on the revenue gained the Government estimates to reduce the period of payment, he said.

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