Press briefing of Cabinet Decision taken on 2012-11-14

Project to be Implemented by the Bank of Ceylon covering the Grand Oriental Hotel and the adjoining lands owned by the Police Department, etc.

- the Bank of Ceylon has prepared a comprehensive redevelopment project proposal covering the above area. The project is to be implemented in three (3) stages and the total investment would be around US $1 billion. The project will be completed by 2018. The overall development will benefit tourism in particular with the addition of around 500 - 700 new hotel rooms, restaurants and shops etc. The proposal made by H.E. the President, in his capacity as the Minister of Defence and Urban Development, to proceed with the above project, was approved by the Cabinet.