BOI investors for housing, garment

Colombo: The Board of Investment of Sri Lanka signed agreements for two new projects recently that involve a housing and apartment complex and a garment factory. Chairman/Director General of the BOI, Dhammika Perera signed the agreement on behalf of the BOI. The projects include Star Asia Properties (Private) Limited which signed an agreement that covers a Singaporean investment for the construction of housing units and an apartment complex. The project is an investment of Rs.600 million. The investors involved are Tjio Siang Min and Wendy Sulaiman. The Chairman M.Y.M Nassar and CEO Sabry Mohamed signed the agreement on behalf of the company. The investor expressed satisfaction with the way the BOI processed his application. The project will provide employment for 30 workers and involves the construction of 266 individual houses at Kohilawatta off Avissawella for middle-income groups. The apartments, which will be in an 8-story condominium, are for high-income groups. These will be built at Colombo 6.
Crystal Martin Europe (Private) Limited in the meantime also signed an agreement with the BOI. Crystal Martin Europe is a Hong Kong based investment for the manufacture of garments the total value of which is US$1.05 million. The project will create 1,000 new employment opportunities and will be located at the Katunayake Export Processing Zone. Shaun Walsh, Chief Operating Officer signed the Agreement on behalf of the company. Dr Sarath Amunugama, Minister of Enterprise Development and Investment Promotion formally presented the investor with the BOI Certificate of Registrations.
The factory will manufacture ladies’ leisurewear for the Marks and Spencer Group. The company is the second largest supplier to Marks & Spencers and plans to develop Sri Lanka as its manufacturing base.