John Keells Holdings (JKH) is poised for significant advancements with the upcoming operationalization of the West Container Terminal (WCT) and the City of Dreams Sri Lanka. Both projects are scheduled to be operational in early 2025 and October 2024 respectively, promising to bolster Sri Lanka’s infrastructure and tourism sectors.
The construction progress at the West Container Terminal (WCT-1) at the Port of Colombo is moving at a brisk pace. As part of JKH’s strategic initiatives to enhance the port’s capacity, the first batch of quay and yard cranes is expected to arrive in August 2024. These cranes will undergo commissioning and automation processes, with full completion expected by the third quarter of the 2024/25 financial year.
City of Dreams.
CEO Krishan Balendra assured investors that regional ports, specifically the new Vizhinjam Port, were yet to cause concerns to the Colombo Port. Balendra said, “We don’t expect it to be material at all. To begin with, Vizhinjam will have a capacity of 1 million and there is no timeline for the additional capacity.”
Vizhinjam on a bullish estimation reaches a maximum of about 4 million TEUs. In contrast, Colombo’s capacity is currently around 7.5 to 8 million TEUs, with the West Container Terminal set to add another 3 to 3.5 million TEUs. Additionally, the East Terminal potentially could add another 3 million TEUs, bringing Colombo’s capacity to over 11 million TEUs. Given these figures, Balendra does not foresee Vizhinjam having a serious impact on Colombo’s port operations.
Balendra was speaking on 31 July at the JKH Investor webinar following the release of Q1 FY 24/25 results.
Krishan Balendra
The first phase of WCT-1 is slated to be operational by the fourth quarter of 2024/25. This phase will feature a quay length capable of servicing two large vessels concurrently, significantly increasing the terminal’s throughput capacity. Upon completion, WCT-1 is expected to play a pivotal role in strengthening Colombo’s position as a key transhipment hub in the region. The remainder of the terminal is projected to be completed by mid-2026, further enhancing its operational capabilities. The City of Dreams Sri Lanka, an integrated resort and a flagship development of JKH, is also on track to begin phased operations. This ambitious project, developed by Waterfront Properties (WPL), a subsidiary of JKH, is designed to transform Colombo’s skyline and tourism appeal.
The 687-key Cinnamon Life hotel, along with its restaurants and banquet facilities, is in the final stages of fit-out and is expected to commence operations by October 2024. Concerning Cinnamon Grand and Cinnamon Lakeside Balendra said, “In the city, Cinnamon Grand and Lakeside do require refurbishment and will look at a phased refurbishment of the properties depending on the demand.” (TP)
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