Business tycoon Dhammika Perera’s Vallibel One PLC has signed an agreement with the Board of Investment (BoI) to carry out the construction of its US $ 60 million integrated resort in Negombo.
“At this point, the company does not anticipate a material deviation from the integrated resort complex as has been previously disclosed to the shareholders,” a stock exchange filing said. In the latest annual report Perera said that the project was undergoing renewed feasibility studies due to prevailing regulations and tourism trends.
The resort will have 400 five-star rooms, a water park and other amenities. Situated between the Maha Oya and Indian Ocean in the Kochchikade area, the resort has been referred to in different names such as ‘Summer Seasons’ and ‘The Grand Beach Hotel’ over the years.
The project falls under Vallibel One’s fully-owned leisure subsidiary Greener Water Ltd and Singapore-based WATG carried out the initial designs.
Vallibel One went for its Rs.532.8 million Initial Public Offering in 2010 to partly raise funds for the project. To date, the company has invested Rs.368.06 million of the funds into the project, Rs.268.06 of which has been invested in the 18-acre land.