A US$ 1 billion housing project is being cemented to construct 100,000 homes, with the three locations already short listed for development.
Amona Peace Development Private Limited, the BOI joint venture between Amona Sdn Bhd., and a Lankan entrepreneur will initially develop a 720 unit apartment complex at an estimated cost of US $ 10 million on a 12 acre site in Peliyagoda.rn
rnLocations in Ampara and Athathanagalle have also been identified, based on National Housing Development Authority study results, for later development. rn
rnIndustry sources say the project is likely to leverage off the state initiative to encourage home ownership and low cost housing projects. rn
rnFacilitating the initiative, the government is pushing banks to cut their interest rate spread to make loans more affordable along with other programmes facilitating low cost development and apartment ownership. rn
rnMeanwhile, the ventures joint Managing Director Gamini Wethasinghe in a press statement said the project wi