Sri Lankan construction company commences construction of Rs. 1.3 billion worth housing complex
Sri Lanka’s Maga Engineering has reportedly commenced construction of a 10-storey medium-rise housing complex as part of the Government’s Railway Efficiency Improvement Project (REIP) and Colombo Suburban Railway Project (CSRP).
The project is valued at Rs. 1.3 billion and is being implemented by Sri Lanka’s Ministry of Transport with funding from the Asian Development Bank (ADB). The project is expected to be completed by late 2024.
According to local media reports, the implementation of the project is in line with expansions and improvements to Colombo’s suburban railway network.
The new housing complex is expected to accommodate families living in informal settlements along the railway corridor and in need of relocation in order to complete developments to the Kelani Valley Railway Line.
The new housing complex is located on land owned by Sri Lanka Railways near the old railway station situated in Malapalla West.
MAGA is to design and construct the new housing complex, which covers a total floor area of around 125,000 square feet and comprises 120 apartments with necessary amenities.
OSL take:
Sri Lanka’s ongoing development programme has created many business/investment opportunities in the island. With the country poised as an emerging business destination in the South Asian region, business/investment opportunities are on the rise in the in all key economic sectors in Sri Lanka. Given the expanding economy in Sri Lanka and it’s economic resilience, foreign businesses/investors could explore the growing opportunities in the island.
| Article Code : | VBS/AT/14092014/Z_3 |