US $ 4m apartment complex in N'Eliya

The Board of Investment of Sri Lanka granted investment approval to construct a US $ 4 million apartment complex in Nuwara Eliya.

Chairman/Director General Dhammika Perera signed the agreement on behalf of the BOI and formally presented the BOI Certificate of Registration to the investor. Seagull Residencies signed the agreement to construct an apartment complex in Nuwara Eliya.

The project will construct 3 towers with each Tower consisting of 6 floors each. The apartment complex constructed on a 82 perch land will contain 72 apartments. Director S. Kirubanandan said that the market for these apartments are the holiday makers. The complex will also have a restaurant, hall, children's bay and parking area.

Directors of the company S Kirubanandan and N. Surendran signed the agreement on behalf of Seagull Residencies.

The BOI also signed an agreement with Trendpride Lanka (Private) Limited to manufacture plastic products for export.

The venture is an initial investment of US $ 500,000.

The business will manufacture plastic products such as PET bottles, polycarbonate bottles and moulding plastic parts for water dispensers.

Production will be done at the manufacturing plant located in Colombo 10. Over 80 per cent of manufactured products will be exported to India, while the balance will be distributed in the local market.

On behalf of Trendpride Lanka (Private) Limited Directors Anura Kumarasinghe and M H M Fazal signed the agreement.