The complex will come up on a 22.5 acre site owned by Nivasie Developers (Pvt) Ltd, and a a project company Nivasie Developers Malabe (Pvt) Ltd, has been incorporated to carry it out, the BOI said.
In a second stage another 110 housing units, a swimming pool, clubhouse and commercial space will be built. The first stage is expected to be completed in three years and the second in two years.
RukshanWidyalankara (Pvt) Ltd, architecs, will design individual houses and another firm, Studio Vivege design the apartment complex, commercial areas and the recreational facilities, the BOI said.
The project will be financed with equity, debt financing facilities from banks and pre-sales.
