The rapidly developing Northern Province following the defeat of terrorism has become a springboard for local and foreign investors seeking investment opportunities in Sri Lanka. Construction of a 70-room, 15 storied star class hotel in the heart of Jaffna will be launched tomorrow. Mercantile Merchant Bank Ltd, and the Jetwing Group through an equally-owned joint venture will invest Rs. 700 million on this hotel project.
Launching of the construction will be jointly officiated by Prime Minister D.M Jayaratne and the Minister of Economic Development Mr. Basil Rajapaksa.
The hotel named Yarl Jetwing will be constructed on a 50 perch land area on the Old Clock Tower Road, in Jaffna. Designed by Design Group 5, the hotel will have a roof top swimming pool and a Presidential Suite and the construction work is to be completed within 18 months.
The location of the hotel will be adjacent to Rs. 500 million new shopping and entertainment complex being built by Cargills (Ceylon) Plc.
The new Cargills shopping complex of 4 floors with a total floor area of 74,000 sq ft would comprise of retail/shopping space, a bank, a food court, a Cineplex with three cinema screens and a basement car park. The construction work of this complex is to be completed by mid-2013.
Meanwhile, the MMBL is also implementing several other eco tourism projects in Delft Island in partnership with several other companies.(niz)