Sri Lanka opens China-funded ‘White Elephant’ Tower to tourists

350 meters high Tower funded by China will be the main attraction for Sri Lanka to attract tourists to the bankrupt country.
Shaped like a giant long-stemmed lotus, this structure is the tallest in the South Asian country. It’s open to the public on Thursdays, selling tickets to an observatory with 360-degree views of the city and Indian Ocean. When fully filled, the venue will house shops, host weddings and boast a restaurant revolving around fine dining on a flower bud.
This will be the center of tourism and entertainment of Colombo,” said Prasad Samarasinghe, chief executive officer of Colombo. Lotus Tower Management Co., is overseeing the building’s operations. “We have developed a business model to make enough money for the operation and maintenance of the tower so that it is not a burden on the government.”
Operators are forecasting revenue of 1.1 billion rupees ($3 million) by 2024, compared with total construction costs of $113 million after multiple delays. Construction began on the building in 2012 with a loan from China’s Exim Bank, which drew criticism as a frivolous project, one of the white elephants commissioned during its tenure. Presidential. Mahinda RajapaksaTheir families have been ousted from a number of government posts.
Main attractions:

  • Customers were found for over 70% of the total 133,000 square feet of commercial space in the podium
  • The lotus bud on the top of the tower will have nine floors; Expressions of interest are invited until September 23
  • Get a wedding reservation for a fee of 1.5 million rupees; hope to issue operating license in November
  • Information shared by Minhar Azeez, financial consultant, Colombo Lotus Tower Management

First envisioned as a telecommunications tower, critics have long questioned the viability of the project. Samarasinghe said the Telecommunications Regulatory Commission would settle the Chinese loan with its own funds.
The Sri Lankan government is also looking for investors for the ruined construction built by China Mattala Rajapaksa International Airport at the southern base of the family that has run the island nation for nearly two decades. Sri Lanka sold a Chinese-financed port in the southern district of Hambantota after failing to repay a debt for its construction.

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