ECONOMYNEXT – Vallibel One PLC, a diversified holding company for investments by Sri Lanka’s Dhammika Perera, said it will invest 60 million US dollars (8.4 billion rupees) on a luxury beach resort.
The 382-room five-star resort in Kochichikade, Negombo, on the west coast will be done by Greener Water Ltd., the leisure sector investment arm of Vallibel One, a stock exchange filing said.
The company has entered into an agreement with the Board of Investment, which grants tax concessions, in relation to the project which Vallibel estimated will cost about 60 million US dollars.
The company has said Greener Water has already invested 268.06 million rupees in the 14 acre free hold land.
The initial design concept for the hotel was done by WATG of Singapore, design consultants for the leisure and entertainment industry.
(Colombo/October 21 2015)