Krrish Square: Liquidator Calls for New Buyers & Restructuring 📈

The liquidator for The One Transworks Square Ltd has officially invited offers to revive or purchase the stalled Krrish Building project in Colombo Fort. The project, once envisioned as South Asia's tallest landmark, is currently under liquidation following years of financial and legal delays. • Overall Project Figures • Total Project Value: Estimated at US$ 712 Mn. • Construction Costs: US$ 665 Mn original estimate; US$ 47 Mn for design/development. • Completed Work: Approximately US$ 85 Mn (excluding land). • Land Value: Original cost of US$ 17 Mn (approx. Rs. 5.1 Bn). • Sector Breakdown & Scope The development covers 5.23 million sq. ft. across three massive towers: • Tower A (84 Floors): Planned for The Ritz-Carlton hotel and residences. • Tower B (74 Floors): Designated for JW Marriott hotel and residences. • Tower C (94 Floors): Mixed-use space for branded residences and premium offices. • Investment & Legal Context • Submission Deadline: Offers must be submitted by 28 February 2026. • Requirements: Proposals must include a concept paper, bank comfort letter, and proof of experience in mega-scale construction and real estate. • Legal Update: Proceedings regarding the alleged misappropriation of Rs. 70 Mn linked to the project are set for 16 February 2026. _Note: Figures based on provisional data provided by the liquidator._