Sri Lanka ICC, Nivasie in Rs3.6bn property venture

Dec 31, 2012 (LBO) – Sri Lanka’s International Construction Consortium (Pvt) Ltd, is promoting a 3.6 billion rupee property development in Malabe in the outskirts of the capital Colombo, the state investment promotion agency said. The project will be financed with equity, debt financing facilities from banks and pre-sales.

ICC will build 100 two-storied houses and an 88-uni apartment block in Halbarawa Estate, Malabe, the Board of Investment of Sri Lanka which gives tax breaks investors, said.

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.