The Board of Investment (BoI) has recently signed a USD 4.5 million investment project with Sundara (Pvt) Ltd, to develop a luxury hotel on Sri Lanka's south coast. The project is expected to be completed by 2020.
Speaking at the event the BoI Chairman Mangala Yapa said that this investment will be a great step in order to build up confidence among investors to invest more in Sri Lanka.
Meanwhile speaking at the event, Sundara (Pvt) Ltd Co-Founder Dale Rennie said the main purpose of investing in Sri Lanka is due to Sri Lanka's long-term tourism prospective.
“We are interested in bringing a lot of these green initiatives to Sri Lanka” he further noted.
The property, named The Plantation Koggala, will have 14 residency villas.
Rennie and his wife and Co-Founder Sabrina Van Cleef Ault are the major investors of the project who owns 80% of the shares in Sundara (Pvt) Ltd.
The hotel will be built on a former cinnamon plantation and will start its construction work in a month.
Investors in the villas have the option of living in them or allowing the hotel management to rent them out and receive a 7% annual return.
The property was marketed to investors in the Singapore, Hong Kong, Australia, Germany, Switzerland, Holland and the US.