ICC signs Rs 3.6 billion investment agreement with BOI
The Board of Investment of Sri Lanka signed an agreement with
International Construction Consortium (Pvt) Ltd (ICC) for a mixed
development project. The agreement was signed by M M C Ferdinando,
Chairman /Director General BOI and Harsha De Saram, Vice Chairman ICC
International Construction Consortium (Pvt) Ltd (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 & 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 the Stage I will be completed within three years
whereas Stage II to be completed within another two year 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, International Construction Consortium (Pvt) Ltd will undertake
the construction of the entire project.
International Construction Consortium (Pvt) Ltd signed an agreement
with the BOI to construct a new mixed development project. Harsha de
Saram, Vice Chairman of ICC receives the Certificate of Registration
from the Chairman/ Director General of BOI.
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