Sri Lanka’s BOI approves construction of US$ 14 million apartment tower in Colombo
The Board of Investment (BOI) of Sri Lanka has reportedly announced that HNJ Towers (Pvt) Ltd. has been granted approval to build a US$ 14.82 million apartment tower in the country’s commercial capital Colombo.
Chief Operation Officer Imzaan Haqque was quoted as saying that the apartments are offered on a ‘sale and lease back’ which has made it easier to sell.
“It could be compared to a limited service hotel,” he was quoted as saying after signing an agreement with BOI Chairman, Hemasiri Fernando.
“The project is a mixed development service apartment complex.”
The tower branded ‘Raintree Residencies’ is to be built on Duplication Road in Colombo with a food court and convenience store.
OSL take:
The approval granted by Sri Lanka’s BOI for yet another apartment complex in the country’s commercial capital is indicative of the continuous expansions taking place in Colombo as well as the increase in population in urban areas. The country’s development agenda has resulted in people thronging to urban areas and the concentration of businessmen local/foreign in Colombo has increased in the past few years. Therefore, construction of apartments and residential units has seen an increase in the past few years. All these indicate that there are business/investment opportunities for foreign businesses/investors in Sri Lanka’s house and property sector as well as in the development of supplementary infrastructure facilities required by the increasing urbanization.
| Article Code : | VBS/AT/24012019/Z_3 |