Sri Lanka’s SMI Housing in US$10mn apartment complex

June 7, 2013 (LBO) – A 26-storey apartment block will be built with a 10 million US dollar investment at Deal Place, in an up market suburb in Sri Lanka’s capital Colombo, the state investment promotion agency said. The Board of Investment of Sri Lanka which gives tax breaks SMI Housing, said the developer will construct 1,700 square feet, three bedroom units, with only three apartments in each floor, offering more privacy.

“Deal Place is in Colombo’s bustling suburb of Colpetty, and in close proximity to schools, hospitals, supermarkets, shopping malls, a cinema, restaurants and other recreational activities,” the BOI said in a statement

“SMI is targeting the luxury, city dwelling customer segment for this complex.”

BOI chief Lakshman Jayaweera and SMI Housing director Zakeer Hussain Inbrahim had inked a deal with the agency for the project.

The apartments will have high-end European-standard fixtures and fittings, a hi-tec security and fire-safety system, a gym and swimming pool.