Apr 05, 2013 (LBO) – Sri Lanka’s Colombo Land and Development Company Plc, will build a 600 million rupee expansion, through a wholly owned unit, the state investment promotion agency said. Colombo Land owns the Liberty Plaza shopping mall in the Kollupitiya upmarket area in Sri Lanka’s capital.
Liberty Developers (Pvt) Ltd has signed an agreement with the Board of Investment said. The BOI gives tax breaks to projects.
Construction started in February 2013 and is expected to be finished within 12 months.
The project involves two floors of retail space of 20,000 square feet each, with parking space. It will be connected to an existing mall on the first and second levels.
Existing office space in the second floor will be converted to retail space of 20,000 square feet. A food court will be developed on the second floor which will be operated by a third party.
The faÃ§ade of the building on R A De Mel Mawatha will have two large LED screens.
Corrected Rs600mn investment