Imperial Builders to develop land in Slave Island

The Board of Investment of Sri Lanka signed an agreement with Imperial Builders (Pvt) Limited of Pakistan to develop a land in Slave Island, Colombo. Naveed Hussain Lakhani, Chairman, Imperial Builders (Pvt) Ltd said, "We are glad to sign the agreement with BOI under section 17 for a mixed used development project at Slave Island. The entire development will be US $ 60 million which will maximize the economic worth of the land and the surrounding area in the near future."

Furthermore, the phase of private development will be launched at cash purchased UDA land facing Akbar Mawatha Road and will cover a land extent of 107 perches where a mixed retail and residential towers will be launched very soon. We believe that this development will also change lives of the masses.

I hope for a successful implementation of our projects which will eventually lead our Group into further investments in Sri Lanka. This is just the beginning." Chairman Director General of the BOI, M.M.C Ferdinando stated at the signing.

"This project provides an insight into the important role that FDI can play in addressing social issues in addition to developing the economy. I must also add that this investment is from Pakistan, a country which is one of Sri Lanka's longstanding friends. As Asia experiences growth, investment to Sri Lanka will flow increasingly from our Asian neighbours such as Pakistan.

Conditions for greater economic co-operation with Pakistan are ideal and offer many opportunities as both countries have entered into a free trade agreement, investor protection agreement and double taxation agreement."Imperial Builders (Pvt) Ltd. is a BOI (Sri Lanka) registered company since mid 2011, and established in 1979 in Karachi-Pakistan. In collaboration with senior officers of the government and UDA - Imperial Builders has initiated a comprehensive plan, "Slave Island Station Passage Redevelopment Programme".

The mutual motive behind is to beautify the skyline of Colombo and introduce modern lifestyle to Sri Lanka Citizens. This project is expected to be a US $ 60 million investment and a 525 perch of land to be re-developed.

Based on Slave Island, a prime commercial area of Colombo, the phase-I of the project is set to change lives and lifestyles of dwellers by developing them modified apartments with much better living features and secured future.

For this purpose Imperial Builders (Pvt) Ltd through proposals has secured the bid of development and signed MOU with UDA (Urban Development Authority) to undertake the construction of high density modern apartments for railway families and community occupying the private land in form of shanties.

Moreover the phase II of development will comprise of consolidated commercial potential, high rise residential condominiums with all luxury facility like swimming pool, gymnasium, clubs, restaurants, play grounds etc and also a 4 Star Hotel component in the private development of developer.

The relocation will be laid on the demarcated Railway Land where 4 individual blocks of multiple stories will be constructed with limited facilities.

Imperial Builders is a sister concern of Lakhani group which started its journey in 1979. With over 3 decades of experience in construction industry of Pakistan having developed multiple mega projects, residential units, condominiums, resorts, hotels, commercial office projects, shopping malls and until this stage they have delivered 65,000 houses and 4.5 Million Sq.Ft of Commercial Space across Pakistan.

Other than Imperial Builders, Lakhani Group has 15 other Companies under its umbrella, serving in different fields such as education, textile manufacturing, hospitality, trading, IT, fashion, Health, Banking and NGO's to serve the society.

This agreement was signed by Chairman/Director General of BOI Mr. M M C Fernando and Naveed Hussain Lakhani, Chairman of Imperial builders (Pvt) Ltd. Also present at the signing from Imperial Builders were Azeem Tanveer, Executive Director and Faysal Samana, General Manager.