Sri Lanka draws $230mn apartment investments in April-May

ECONOMYNEXT – Sri Lanka’s Board of Investment said it had signed nine deals worth $230 million with investors to set up apartment complexes in April and May 2016.

The deals were among the 37 thats the Board of Investment entered into during the period with total estimated investment of around $579 million generating 6,000 direct employments opportunities, a statement said.

“As Colombo develops further under the Megapolis programme, which is the blueprint of the government’s development strategy, demand for apartments will correspondingly increase,” it said.

The agreements are with Fairwar Urban Homes (Pvt) Ltd, Iconic Development (Pvt) Ltd, S T K Developers (Pvt) Ltd, Menara Residencies (Pvt) Ltd, Capital Tower (Pvt) Ltd, Elysian Reality (Pvt) Ltd, U K Lanka Developers (Pvt) Ltd, Makro Developers (Pvt) Ltd and P U W Towers.

The BOI also signed four new agreements for logistics businesses representing investments of $85 million during the two-month period.
These projects include a variety of services such as feeder services, marine services, entrepot trading, off-shore businesses, front-end and headquarter operations, and others.

The BOI also signed four new agreements in April-May 2016 to set up mini hydropower projects in various parts of the country such as Dehiattakandiya, Demodara, Soranathota and Walapane.

These were with Vidula Biomass (Pvt) Ltd, Ino Mini Hydro Power (Pvt) Ltd, Udawela Hydro (Pvt) Ltd and Biomed Hydro Power (Pvt) Ltd.

Four new agreements were signed to set up hotel projects with an investment of $69 million with Saracawatta (Pvt) Ltd, Saif Estate (Pvt) Ltd, Sofia Kandy (Pvt) Ltd and Casa De Hotel & Resorts (Pvt) Ltd.
They have obtained BOI approvals to set up hotels in Hikkaduwa, Bandarawela, Peradeniya and Wennappuwa.

Two new agreements were signed to set up garments and related manufacturing projects with an investment of $15 million creating 1,300 direct job opportunities with EAM Maliban Textiles (Pvt) Ltd and Yyonne Lanka (Pvt) Ltd.

New projects in Information Technology and Business Process Outsourcing will be done by Western Solution (Pvt) Ltd and L S E G Business Services Colombo (Pvt) Ltd.





Two agriculture projects were approved by the BOI during April-May with a total estimated investment of $14 million.

Japan Lanka Agriculture Industrial Research & Training Centre (Pvt) Ltd will set up a project to cultivate high-quality vegetables for the export market and establish an agriculture training institute in Divulapitiya.

Value Plantation (Pvt) Ltd will set up a project to produce value-added tea for the export market. 

The BOI signed three agreements to set up mixed dvelopment projects in Colombo with investments of $144 million by Blue Mountain Colombo (Pvt) Ltd, A O D Properties (Pvt) Ltd and M S A Shamsudeen Development (Pvt) Ltd.

D & A Apparel Trading (Pvt) Ltd signed a deal to set up a trading house to export garments and other textile products.

Star Garments Group (Pvt) Ltd signed a deal to set up an export trading house to export Sri Lankan non-traditional products and to provide with designing services.

Bhagya Hospital (Pvt) Ltd signed an agreement to set up and operate a hospital in Mahiyanganaya with an investment of $3.8 million.

Farmchem Manufacturers (Pvt) Ltd signed an agreement to set up a project to manufacture veterinary pharmaceuticals for export market at the Industrial Zone, Homagama while Batticaloa Campus Limited signed an agreement to set up a higher education Institute in Batticaloa.
(COLOMBO, June 16, 2016)

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