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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Access Realties 2 signs BOI deal for Rs. 1.6 b new Access Tower 2

Access Realties 2 signs BOI deal for Rs. 1.6 b new Access Tower 2

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sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://www.ft.lk/2013/04/26/access-realties-2-signs-boi-deal-for-rs-1-6-b-new-access-tower-2/


Access Realties 2 Ltd. has signed an agreement with the Board of Investment (BOI) for the construction of a modern office building adjacent to Access Towers at Union Place Colombo 2.
The developer of the new tower, Access Realties 2, is a subsidiary of Access Realties Ltd., which is fully owned by Access Engineering Plc.
The total investment on Access Tower 2 would be around Rs. 1,587 million (US$ 12 million) and it will be a 100% local investment.

Access Tower 2 will be a state-of-the-art, purpose-built office complex constructed on approximately 74 perches of land located adjacent to the existing tower that is at the south western corner of Dawson Street and Dr. Colvin R. De Silva Mawatha. The envisaged construction period from commencement to completion is approximately 36 months.
Designed as a green building with roof gardens at different levels and showcasing architecture that will blend with the existing tower to further enhance the urban outlook of the area, post tension super structure, computerised energy saving and automated building management systems, centralised drinking water systems, solar power systems, rain water harvesting technologies, liquid waste recycling technologies and automated parking systems are among the new technologies that will be adopted in the construction of Access Tower 2.
The building will be constructed utilising many advanced technologies prevalent in high-rise construction and will consist of 25 floors that offer all modern features including parking space for over 240 vehicles.
Currently, Union Place and Nawam Mawatha are considered areas of high demand for office space in the city of Colombo as they provide easy access by both private and public transport services and are located in the vicinity of luxury residential apartments.
The demand for office space in the area has continued to further increase with the continuous development of large apartment complexes such as the Empire, On Three Twenty, JAIC Hilton, Hyde Park Residencies, Emperor, Monarch, Iceland Residencies and Altair Condominiums, etc.
Since 1998, Access Towers operated with almost 100% occupancy and this success rate has driven it to further expand operations with the construction of a multi-storey high-tech building that is powered with diverse green technologies to attract the increasing clientele.
Access Tower 2 will cater to high-yield customers who are seeking quality office accommodation in an up market business centre that is located in the heart of Colombo city limits. Since the vicinity is mainly developed for up market residential apartments, the development of business office space would bring immense benefits for many prospective customers.

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