Sri Lanka’s BOI signs agreement with Sino Lanka Group for US$ 5.6 million mixed development project
Sri Lanka’s Board of Investment (BOI) has reportedly entered into an agreement with Sino Lanka Group to carry out a US$ 5.6 million mixed development project in the Rajagiriya area through Sino Lanka Properties Two Ltd.
According to reports, the proposed 40,000 sq.ft. building is to house five floors of usable space consisting of three floors of commercial and co-working space and two floors dedicated to hotel accommodation and is to also include a rooftop restaurant and cafe, serving both in-house and external guests.
The development is the culmination of many years of experience in the property development and hospitality sectors in Sri Lanka with Sino Lanka Group actively operating in these areas through its investments in OZO Colombo and Kandy and Amari Galle, according to local media reports.
With over 250,000 commuters passing by the property daily en-route to Colombo, it will provide alternate working options closer to home, instead of traveling to the city, as it is aimed at providing operating capacity for any business to set up as a satellite office or head office.
The proposed hotel is to be an upscale city hotel with 20 rooms and four spacious suites, catering to individuals, groups, business travellers and long-stay guests who prefer to stay away from the centre of Colombo, but would still need to be located close to the capital.
OSL take:
Sri Lanka is engaged in an aggressive development programme covering all key economic sectors. With the country working towards becoming a business hub in the South Asian region, foreign businesses/investors could explore the growing opportunities in Sri Lanka. The country’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the and the continuously improving ease of doing business environment in the country have also helped boost Sri Lanka’s image as a growing business destination.
| Article Code : | VBS/AT/05112021/Z_4 |