The total value of construction of all four properties is estimated to be nearly Rs.6 billion. The group will be financing construction through Rs.2.5-3.0 billion of internal funds with the remainder to be raised through debt funding.
Cooray went on to state that upon completion of all four projects, within the next two to three years, Jetwing would also look towards listing the company through an Initial Public Offering (IPO).
The four developments are carried out under the group’s new cluster, Jetwing Symphony.
The private placement was previously suspended in November last year, in part due to adverse market conditions. Nevertheless, Jetwing persevered with construction fuelled by internally raised funds.