BOI signs agreement for $ 14.8 m new apartment complex in Colombo 3
January 24, 2019 – The Board of Investment of Sri Lanka (BOI) signed an agreement with HNJ Towers Ltd. to build a mixed development project located at R. A. De Mel Mawatha, Colombo-3.
The agreement was signed on behalf of the Board by BOI Chairman Hemasiri Fernando. HNJ Towers Ltd., Chief Operating Officer Imzaan Haqque signed on behalf of the company.
When completed, HNJ Towers Ltd. will provide employment for 14 staff members. The total value of the project is $ 14.82 million.
Speaking about this project, Haqque stated:“This is a mixed development project in Colpetty which could be described as affordable luxury in terms of the price of the apartments. In fact, already 90% of the apartments are sold out because of the concept of sale and lease back which we have introduced. The complex is well-equipped, as there will be a food court and a 24-hour convenience store. It could be compared to a limited service hotel. The project is a mixed development service apartment complex. It has an excellent location as it is on Duplication Road and close to embassies and the British Council.”
He added:“the project name is Raintree Residencies, and it will be a very green project with a large atrium. This will contribute towards making Colombo a greenercity.”
In addition, the BOI signed supplementary agreements with existing BOI enterprises for an apartment complex, furniture manufacture, production of coconut milk and coconut water for export and manufacture and production of finished and semi-finished electronic products for export.