Mustafa comes to Kotahena
Singapore company invests US $ 115 m:
Hemanthi Guruge
One of the leading shopping malls in the world, the Mustafa Shopping
Centre in Singapore will be investing in a mixed development project at
Kotahena area at a cost of US $ 115 million. The mixed development
project will begin next year and the construction will be completed in
two years.
Mustafa Centre, also known as Mustafa Singapore is one of the biggest
shopping centres in Asia and its presence in Sri Lanka would be a major
plus point to woo more foreign investors.
A large number of people from all over the country have visited
Singapore only for shopping at the Mustafa Shopping Complex and in the
future this scenario is likely to be repeated in Sri Lanka, a BOI
official said. One of the biggest plus points of Mustafa is that it is
open 24 hours.
The mixed development project includes a 975 room star class hotel,
400 service apartments and a 1000 vehicle car park, with a total floor
area of 142,125 square meters.
A public restaurant too would be opened under this project.
“Sri Lanka has emerged as a major tourist destination and this was
one of the main reasons for us to invest in Sri Lanka”, Mustafa Shopping
Centre founder chairman Mustaq Ahamad said.
Economic Development Minister Basil Rajapaksa said with this type of
investment traditional and cottage industries will benefit.
The government has offered special incentives for the tourism
industry from the budget.
The Board of Investment chairman and director general M.M.C
Ferdinando and founder chairman of Mustafa’s PTE Ltd Mustaq Ahamed
signed an agreement to construct this hotel and shopping complex in Sri
Lanka. Both locals and foreigners would be the target market of the
Mustafa’s Hotel and Shopping Complex.
Mustafa offers many services such as foreign exchange, VISA
processing, travels booking, Gold Mart and all kinds of shopping items
available under one roof. The BoI also has secured US $ 413 million in
the first six months of this year which is as 98 percent increase.
This included 92 projects. The target for 2011 was US $ one billion.
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