Sri Lanka to sign up US$2.0bn in property developments

(L-R) : Jeevith Senaratne, Director Operations - Star Garment Group; Shanaka Rabel, Group Chief Digital and Transformation Officer - Stretchline Holdings Ltd; Janaka Botejue, Chairman – Bernard Botejue Industries; Sanjeewa Kodikara, Chief Information Officer- Hirdaramani Group

Nov 14, 2013 (LBO) – Sri Lanka is to sign up 2.0 billion US dollars of property development deals for which tax concessions will be given, investment promotions minister Lakshman Abeywardene said. China Communications Constructions Company will reclaim the sea near Colombo port in a 1.3 billion US dollar project.

The 8-year project will be financed by 390 million US dollars of equity and 910 million US dollars of loans.

Another Chinese firm, AVIC International Engineering (Hong Kong) Ltd, and Nice View Apartments of Hong Kong is in a 250 million US dollar mixed development project.

It will have 539 apartmetns a 1,790 square metre club house, 4,175 square meters of commercial space with 640 vehicle car park at R A De Mel Mawatha in Colombo.

It will be financed with 90 million US dollars of equity and 160 million dollars in debt.

A third project by Property Alliance Capital (Pte) Ltd of Australia will build a 450 million dollar development in Colombo’s Sir James Pieris Mawatha on land leased for 99-years from Sri Lanka’s Urban Development Authority.

The projects will get tax breaks under Sri Lanka’s strategic development law.

The deals are to be signed Wednesday

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