BOI signs agreement for development project at Halbarawa estate, Malabe

The Board of Investment of Sri Lanka (BOI) signed an agreement with International Construction Consortium (Pvt) Ltd (ICC) for a mixed development project.

The agreement was signed by M M C Ferdinando, Chairman and Director General of the BOI and Harsha de Saram, Vice Chairman of ICC.

ICC will implement a mixed development project in 22.5 acres of land owned by Nivasie Developers (Pvt) Ltd at Halbarawa Estate in Malabe, with an investment of Rs 3.6 b.

"This is the fifth project implemented under Nivasie Developers and Nivasie has the distinction of building over 2,500 housing units to date," a spokesman for the company said.

The proposed mixed development will include residential housing, shopping complexes, supermarkets and recreational facilities. Implementation will be carried out in two stages as a BOI approved investment.

Rukshan Widyalankara (Pvt) Ltd will be the architectural designers for the individual housing units while Studio Vivege will undertake the same role in the apartment complex, commercial and recreational areas.

Stage I is expected to be completed within three years whereas Stage II to be completed within a two-year period.

The project will be financed through equity contribution, debt financing facilities from banks and advances to be obtained by pre-sales of the housing units and apartments. While the project will be implemented through Nivasie Developers Malabe (Pvt) Ltd, a limited liability company incorporated recently, ICC will undertake the construction of the entire project.