$26 million Kew Cove apartment project

The Mitrajaya Group, a renowned Malaysian conglomerate based in Kuala Lumpur will invest in Sri Lanka's housing sector.

The BOI approved 40 storey 'Kew Cove' apartment homes project will be completed by 2010, Executive Director of MHB Roland Selvanayagam told the media in Colombo on Friday.

He said the $26 million investment will be jointly managed by Mitrajaya Development Sdn. Bhd. Malaysia and Mitrajaya Development Lanka (Pvt) Limited.

Selvanayagam said the tower block comprising 232 apartments and four duplex apartments will nestle in a landscape with a magnificent frontage adjoining the Beira Lake.

The panoramic view of the Indian Ocean is an added attraction, he said. The spacious and elegant apartments are in a variety of designs with recreational facilities including a gym and swimming pool, multi purpose hall and convenience stores.

The project is undertaken by Architects SAA International Sdn. Bhd. (Malaysia) and Ranjan Nadesapillai Associates (Sri Lanka) together with Maunsell Aecon (Malaysia) and Building Services Consultants (Sri Lanka), C&S consultants and Maunsell Aecon (Malaysia) and Building Services Consultants (Sri Lanka) as M&E consultants.

Chairman, Ceyexxe Ltd., Prema J. Fernando said the support received from the BOI was very encouraging adding that he saw much potential in Sri Lanka.

Listed on the Kuala Lumpur Stock Exchange since 1994, Mitrajaya has undertaken many successful projects, both for the government and private clients.