John Keells Holdings PLC, states that they would go ahead with the Water Front Project in Colombo 2.

A relese from JKH states…

The Prime Minister announced in Parliament that the agreements entered into with Waterfront Properties (Private) Limited under the Strategic Development Projects Act, will be amended to restrict the ability to rent space for gaming activities.

Whilst the proposed amendment will constrain the ability to command premium rentals on the component of the project, the multi-faceted nature of this development would give the Board the confidence that the project will still be available given its diverse portfolio of revenue streams and iconic design which, we believe, will transform the landscape of Colombo. As such, the project will continue as planned.

The overall brand of architecture for the ‘Waterfront Project’ has now been finalised with the project being branded as ‘Cinnamon Life’ and the demand for both the residential and commercial spaces continues to remain encouraging.