Havelock City signs deal with BOI for Rs. 27 b fresh investment

Friday, 21 December 2012 00:58 - - {{hitsCtrl.values.hits}}

BOI said yesterday it has signed an agreement with Havelock City (Private) Limited to establish a mixed development project which will include a shopping mall with multiplex Cinema, restaurants, shops, entertainment areas and an office complex.

The signing of an agreement. From left Pravir Samarasinghe, Group CEO, Overseas Reality, H Z Cassim, Deputy Chairman, Overseas Reality and M M C Feradinando, Chairman/ Director General of BOI

The value of this investment is over Rs. 27 billion (of which US $ 5 million is FDI). This project will provide an estimated 243 direct employment opportunities.

“This is another flagship development by Overseas Realty which will change the urban landscape of Colombo. Its modern shopping complex will be ahead of its time and cater to discerning locals and tourists alike,” PravirSamarasinghe, Group Chief Executive Officer of Overseas Realty said.

“The office spaces too have been designed keeping the country’s future business needs in mind, especially the growing BPO and IT-enabled services,” he added.

The project is part of the Havelock City residential and commercial developments which is a US $ 350 Million project on an eighteen acre site in the heart of Colombo. The Havelock City complex consists of eight luxury residential towers, a magnificent club house, a very large elevated roof garden and shopping mall. Havelock City is a project by Overseas Realty and is a BOI approved project and Flagship Company in property development.

It is part of the Shing Kwan Group, the owner; developer and Manager of the World Trade Centre, Colombo’s first modern high rise building.