Dec 27, 2016 (LBO) – Sri Lanka’s diversified Hayleys has approved in principle a property development project in Colombo for commercial office space.
The venture would see the construction of “A” Grade Twin Towers, with 55 floors each, having a total floor area of 3.8 million square feet of space.
The Board of Directors of Hayleys said development project will be carried out at the premises situated at No. 400, Deans Road, Colombo 10.
The proposed new venture would be carried out via a newly incorporated Company, with 100 percent of initial equity investment made by Hayleys.
“The implementation of the above proposed venture would be subject to receiving infrastructure development incentives offered by the Government in the recent past to similar development projects in the Country,” Hayleys said.
“It is also subject the company obtaining all necessary statutory and regulatory approvals in this regard.”