Suchirindia to build twin towers in Colombo

Hyderabad-based real estate company Suchirindia has joined hands with Sri Lanka's NEB Infrastructure Projects Private Limited to construct twin towers "� 70-storeyed and 30-storeyed "� in Colombo, Sri Lanka.

The twin towers, which will be undertaken with the Urban Development Authority in Colombo, is estimated to cost $355 million (around Rs 1,420 crore), and is the first overseas project of the company, Suchirindia chief executive officer Y Kiran told the media.

The company will raise $102 million (Rs 408 crore) in debt, $18 million (Rs 72 crore) in equity and the remaining by way of advances from the customers.

Special purpose vehicle Suchir NEB Projects Private Limited, which is implementing the metro rail project in Colombo, would execute the project.

While the 70-floor tower will be a residential one, the 30-floor tower will be used for commercial purposes. It will also include a convention centre and the total built-up area will be about 3 million sft.