Singapore’s Kreate Design to rent out floor space at Lotus Tower for casino and other entertainment purposes
Lotus Tower Management Company (Pvt) Ltd (LTMC) last Friday entered into an agreement with Singapore-based renovation and interior design company Kreate Design Pte. Limited to lease out one floor of the tower base of the Lotus Tower for a casino and entertainment area, including water sports.
LTMC is expected to receive US$ 1.4 million a year for the leasing out the floor consisting of 44,000 sq.ft. However, during a media conference held on Friday to sign the agreement, Tourism State Minister Diana Gamage said the investment would bring in US$ 1 billion over the next three years. But she failed to back up the figure with any evidence.
“This will enable Colombo Lotus Tower as a hub to develop trade, investment and tourism activities between Singapore and Sri Lanka,” Gamage said. A statement issued following the media briefing claimed a fully-fledged casino and an entertainment area including water sports will be developed at the Lotus Tower within the next six months.Under the terms of the 10-year agreement with Kreate Design, LTMC will receive a six month refundable deposit and the company is to begin operations from next April. There will be a 10 percent increment on the lease every two years.