The finally negotiated US $ 395 Million covers the right sizing of the project debt to be in line with the revised scope of the project, JKH Group Finance Director Ronnie Peiris told Ceylon FT yesterday.
"We do not need to borrow excessively more than what we need," Peiris said, in what was an allusion to the project leaving out the space for the originally planned casino which the JKH Group was wanting to lease to those who had a casino license.
Speculation was rife during the tenure of the previous government that business tycoon Dhammika Perera was to operate the casino within the Waterfront premises following the previous government announcing that no new licenses were to be given but those who had already, could operate with a partner of their choice.
"We are negotiating with Standard Chartered globally and the terms are very attractive. Work has already commenced around a year ago and there is a lot of piling and civil works which is going on. We should be completing the entire project in another four years," Peiris said.
JKH Deputy Group Chairman Ajit Gunewardene and President of the JKH Property Group Suresh Rajendra were not available for comment as they were in Singapore.
Courtesy: Ceylon Financial today 26 June 2015