Ceylinco Homes International Lotus Tower, the owning company of the 45 storey Celestial Residencies, Sri Lanka's tallest planed building where a funding shortage has halted construction, has been offered for sale.

A 'Committee of Charted Accountants' headed by Lakshman Watawala overseeing the liquidation of troubled Ceylinco controlled firms including Ceylinco Shriram Capital Management, a subsidiary of which owns a stake in the buildings owning company Ceylinco Homes International Lotus Tower, has advertised the property.

They are seeking 75 million dollars or more form bidders to 'transfer the company, together with the assets, free of any liabilities or encumbrances' to the purchaser.

"We have spent 70 million dollars on the project and for our time and effort we want another five million dollars, so its available to the highest bid over 75 million dollars," says a spokesman form Ceylinco Homes International Lotus Tower.

The firm is owned by Ceylinco Homes International, Ceylinco Capital Investment, a subsidiary of troubled Shriram Capital Management, and Ceylinco Insurance.

Bids close on August 11 and will be evaluated by the Central Bank appointed committee overseing Shriram Capitals liquidation.

"Funding is no longer available from the firms that were supporting the project," says the spokesperson, "we have loans from Seylan Bank and The Finance and other firms."

Once complete, the 45 storey building will be Sri Lanka's tallest and will have a 180 room business hotel and 198 luxury apartments on the upper floors. The hotel will occupy the 15 lower floors. The building is a 97,400 square meter development.

"We have pre sold about 82 apartments and those who have purchased the units have paid on average two thirds of the cost," the spokesperson said.

The project is sited on a prime 262 perch sea front property in the capitals main business and entertainment district.

A deal has already been struck with the Hyatt Hotels group to operate the hotel under the Hyatt Regency franchise.

Developers estimate it would take two years and cost 200 million dollars to complete the project where construction has progressed to the fifteenth floor.

A source familiar with the Ceylinco group said the Celestial Residencies owning company owes close to three billion rupees in a secured loan to Seylan Bank and a similar amount is owed in advances to apartment buyers.

The Ceylinco Homes spokesperson declined to comment about the firms liabilities. However interested bidders are able to obtain a an 'information package and relevant dociments' from Ceylinco Homes International.

Weak corporate governance and illegal deposit taking by some Ceylinco group controlled firms led to their collapse of a number of firms with in the tightly held group.