BOI signs deal for mixed development apartment complex in Colombo 3

BOI-HNJ-TOWERS

Jan 22, 2019 (LBO) – Sri Lanka’s Board of Investment has signed an agreement with HNJ Towers private limited to build a mixed development project located at R A De Mel Mawatha, Colombo 3.

Board of Investment said in a statement that when completed HNJ Towers will provide employment for 14 staff members. The total value of the project is 14.82 million US dollars.

The agreement was signed on behalf of the Board by Hemasiri Fernando, Chairman of the BOI and Imzaan Haqque, Chief Operating Officer of HNJ Towers.

“This is a mixed development project in Colpetty which could be described as an affordable luxury in terms of the price of the apartments. In fact, already 90% of the apartments are sold out because of the concept of sale and leaseback which we have introduced,” Haqque stated.

“The project name is Raintree Residencies and it will be a very green project with a large atrium. This will contribute towards making Colombo a greener City,”

“The complex is well equipped, as there will be a food court and a 24 hours convenience store. It could be compared to a limited service hotel. It has an excellent location as it is on Duplication Road and close to embassies and the British Council.”

In addition, the BOI has signed supplementary agreements with existing BOI enterprises for an apartment complex, furniture manufacture, production of coconut milk and coconut water for export and manufacture and production of finished and semi-finished electronic products for export.