BoI of Lanka signs MoU for 4 new projects

Sri Lanka: The Board of Investment of Sri Lanka signed agreements for four new projects. Chairman/Director General, Dhammika Perera, signed the Agreements on behalf of the BoI.

Minister of Enterprise Development and Investment Promotion Dr. Sarath Amunugama, formally presented the investors with the BoI Certificate of Registrations.

The agreements were signed with Ceylinco Commercial Property Development (Pvt) Ltd., Equity Property Developers (Pvt) Ltd., Orutampa Middle East Engineering Consortium and Amana Global (Pvt) Ltd.

On behalf of Ceylinco Consolidated, its Chairman, Dr. Lalith Kotelawala signed the BoI Agreement for the unique property development project 'Realty Tower'.

Realty Tower, a property development project will be a state of the art Shopping and Apartment Complex, rising to a height of 18 floors in Nawala.

It will be developed in an area of 139 perches and will be the flagship project of Ceylinco Commercial Property Developers Limited, in association with Ceylinco Seylan Developments Limited and Ceylinco Investment and Realty Limited headed by Deputy Chairman Sanka Wijesinghe.

The 'Realty Tower', in its First Phase will rise up to 6 floors. These 6 floors will house fully air conditioned shops set in a unique atmosphere.

The value of Realty Tower is further expected to be enhanced with a 225 -Vehicle Park in the basement, a Food Court with the 'world on a platter', Super Market, Kiddies Play area and a state of the art Digital Cinema with 270 seating capacity.

'Realty Tower' project will also witness the introduction of Sri Lanka's first Ice Skating Rink.

The Second Phase will follow soon after the completion of the Shopping Complex introducing a unique concept in apartment living for the first time in Sri Lanka.

It will house 60 luxurious Apartments, distinct in character, equipped with every conceivable comfort and sophistication. These spacious 3 bed-roomed apartments with luxurious facilities will be on the vast expanse of 10 floors, offering the most picturesque view of the greener suburbs.

This project will commence with an initial investment of US $ 33 million and is expected to provide employment opportunities for 20.

The agreement signed with Equity Property Developers is for a project set up an apartment complex. This apartment complex will be located at Mount Lavinia.

This project is an initial investment of US $ 15.5 million. Construction of the complex is expected to commence in 3 months and is expected to be carried out in 2 phases.

The luxury apartment complex will contain more than 200 apartments catering to the housing requirements of the high income sector. The apartment complex will include features such as swimming pool, spa and restaurant.

Director Ajith Weeratunge and Director Nalaka Fernando signed the agreement on behalf of the company.

Orutampa Middle East Engineering Consortium is a project to design, develop and export architectural and electrical drawings and provide engineering services to overseas clients. The venture is expected to commence commercial operations within 2 months.

This project is an investment of US $ 600,000 and is expected to provide employment opportunities for a work force of 65. The venture at Colombo 9 is expected to commence operations in 2 months time. The venture will be sponsored by Oru Mix Lanka Limited, a subsidiary of Jayalath Group. Chairman Jayalath Senaratna signed the agreement on behalf of the company.

The agreement signed with Amana Global is for a project to establish a regional operating headquarters company.

The venture will provide technical support services, research and development services, administration services, business planning and coordination services, financial and treasury services and marketing and sales services to foreign clients.

This project is an investment of US $ 250,000 and is expected to provide employment for 5.

Director M H M Raf