Integrated Tourism Resort Projects in Kalpitiya

Integrated Tourism Resort Projects in Kalpitiya

Sector

Tourism and Leisure

Geographical Location

Current proposed location is Kalpitiya (500 Acre Land)

Project Description

Kalpitiya Integrated Tourism Project will consist of five to seven star hotels, Entertainment Centers, Golf Courses. Water based accommodation facilities, Water related facilities, Ayurveda Health Village and Spa, Eco lodge deluxe hotel as leading product and development landmark, Water sports center, Boat Service, Aqua center and museum.

Fringe benefits and incentives offered by the government

• The resort project has been given a 15-year tax holiday from the Board of Investment and other incentives usually given to big projects by the investment promotion agency.
• The project will make tourism the number one foreign exchange earner of Sri Lanka, furthermore Reduction in Unemployment and Creation of 15000 direct employment and 50000 indirect employment. Increase tourist arrivals and duration of stay of tourist. Increase in regional economic development. Local investors would get the opportunities and most importantly this project would enhance standard of living of the community.

Project Size

US $1.0 billion

Significance of the project

The project will make tourism the number one foreign exchange earner of Sri Lanka, furthermore Reduction in Unemployment and Creation of 15000 direct employment and 50000 indirect employment. Increase tourist arrivals and duration of stay of tourist. Increase in regional economic development. Local investors would get the opportunities and most importantly this project would enhance standard of living of the community.

Concessions and benefits offered by government

This Project has been earmarked by the government for high-end tourism and The Sri Lanka Tourism Development Authority will provide the land for these projects under leasing agreements for 30 years.

Current Status

Potential Investors and Developers are invited for Foreign Direct Investment to set up Tourism Sector Projects to cater to local & Foreign Tourists. The Project Company shall qualify for applicable incentives under the Board of Investment of Sri Lanka.

Reasons to invest

It’s a mega project carried out by the Sri Lanka Tourism Development Authority and investing in this project would generate good financial returns. The tourism sector is set to grow significantly with increase in the tourist arrivals each day and expected to increase to 2.5 million by the end of 2018, development in the infrastructure hotels and resorts. The tourism and hotel industry is set to grow significantly with the volume of tourist arrivals to double in the coming years. This means that there is a tremendous amount of opportunity for the tourism sector in general and the hotel and hospitality sector in particular. The increase in the overall inflow of tourist brings massive profits which would overweight the cost associated with these projects.

Recommended way forward

1. Exclusive Mandate authorizing Local Promoter to participate on behalf of the Investor / Developer
2. Submission of Expression Of Interest
3. Submission of Initial Screening Documents by the proponent including proof of funds
4. Signing of Coorporation Agreement with the responsibility matrix
5. Submission of Preliminary Proposal
6. Obtaining in principal go ahead by the authorities
7. Develop a detailed proposal with the help of a local promoter after carrying out a feasibility study
8. Preparation of a fund raising model and a commercial proposal
9. Final approval and financial closure.

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OPPORTUNITY CODE : VBS/OP/21082017/X_1

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