A 9 billion rupee revolving credit arrangement for the Havelock City Commercial Development Project was agreed upon by DFCC Bank and Havelock City. The development will include a 50 storey office tower and an international standard shopping mall spanning 200 000 square feet.
The proposed mall is scheduled to open in mid 2021 and plans to offer a wide range of stores and services. For shopping, this includes fashion, cosmetics, electronics and homeware items as well as a supermarket and banking facilities. The mall is scheduled to open cafés, restaurants and a food court for dining. A multiplex cinema, play areas for children and an entertainment centre are also planned. The office tower aims for an open floor layout for the efficient subdivision of an office space. Common facilities such as a gymnasium, training rooms, meeting rooms, and an executive club/ sky bar have been planned in order to help companies facilitate business networks.
A full-service Commercial Bank with a legacy of 65 years, DFCC Bank was ranked amongst Business Today’s Top 30 Corporates in Sri Lanka and was also positioned amongst Brand Finance’s Top 100 Most Valuable Brands,2020. DFCC Bank is rated A+ (lka) Stable by Fitch Ratings Lanka Limited. A BOI registered company, Havelock City is a fully owned subsidiary of Overseas Realty Ceylon PLC - Sri Lanka’s largest listed specialised property company. Overseas Realty is also the owner, manager and developer of the Colombo World Trade Center.
DFCC Bank states that it continues to support strategic investments of economic importance. As the largest mixed development project in Sri Lanka, Havelock City is built on 18 acres of prime land. As such, the bank feels that the project will act as a catalyst towards the growth of the corporate and retail real estate landscape in the country. Director and CEO of DFCC Bank Lakshman Silva stated that he feels that DFCC Bank continues to be a dominant force in the banking sector. “This transaction further stands testament to the ability we have in closing large transactions and manifests our strong and continued commitment to support in navigating the current financial uncertainties and challenges posed,” he added. Senior Vice President and Head of Corporate Banking of DFCC Bank Shamindra Marcelline said that the project was another significant achievement by the bank. “We are proud of our long standing partnership with Havelock City and the Overseas Reality Group, undoubtedly the largest Corporate Real Estate developer and operator in the country. We have clearly demonstrated our ability to remain nimble and responsive to our client needs,” he said.