BOI signs deal with ICC for Rs. 3.6 b mixed development project at Malabe

Tuesday, 1 January 2013 00:00 - - {{hitsCtrl.values.hits}}

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

The agreement was signed by BOI Chairman and Director General M.M.C. Ferdinando and ICC Vice Chairman Harsha De Saram.

ICC being the promoter of the proposed project will implement a mixed development project in a 22.5 acre land owned by Nivasie Developers Ltd., which is located at Halbarawa Estate in Malabe, with an investment of Rs. 3.6 billion.

ICC is currently ranked as one of the leading construction firms in Sri Lanka and has also obtained the highest grading (C1) awarded by ICTAD for major disciplines of buildings, roads, bridges and water supply and drainage. This is the fifth project of a similar nature implemented under Nivasie Developers and Nivasie has the proud distinction of building over 2,500 housing units to date.

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

Rukshan Widyalankara Ltd. will be the Architectural Designers for the individual housing units whilst Studio Vivege will be undertaking the same role in the apartment complex, commercial areas and the recreational facilities.

Stage I of the project will cover construction of 100 units of two-storeyed individual housing units and an apartment complex having 88 apartments along with related infrastructure facilities.

Stage II will include construction of 110 housing units along with recreational facilities including a swimming pool, clubhouse and commercial space. It has been planned that the Stage I will be completed within three years whereas Stage II to be completed within another two-year period.

The proposed project will be financed through equity contribution, debt financing facilities from banks and advances to be obtained in terms of pre-sales of the housing units and the apartments.

Whilst the project will be implemented through Nivasie Developers Malabe Ltd., which is a limited liability company incorporated recently, International Construction Consortium Ltd. will undertake the construction of the entire project.