ICC invests Rs.3.6bn in Malabe mixed development project

1 January 2013 07:42 am - 0 - {{hitsCtrl.values.hits}}

A A A

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

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

ICC, being the promoter of the proposed project, will implement a mixed development project in a 22.5 acre land owned by Nivasie Developers (Pvt.) 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 2500 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 (Pvt.) 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 Stage I will be completed within three years, whereas Stage II is to be completed within another twoyear 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 (Pvt.) Ltd, which is a limited liability company incorporated recently, Inter national Construction Consortium (Pvt.) Ltd will undertake the construction of the entire project.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

ICC invests Rs.3.6bn in Malabe mixed development project

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Sri Lanka face unusual dilemma

VFS Global is here to stay for at least 12 years, says Tiran

On-arrival visa fiasco drains VFS Global’s confidence in Sri Lanka

Controversy over foreigners issuing on-arrival visas at BIA

Kumar Sangakkara’s relative’s house, gutted by fire in Kandy

Government defends outsourcing of visa process

MIRROR CRICKET

TODAY'S HEADLINES