Feb 11, Colombo: Sri Lanka's investment promotion agency Board of Investments (BOI) signed an agreement with Bellevue Residencies (Private) Limited for a mixed development project to build a 35-storey Tower and shopping complex.
The unique aspect of this project is that it will be constructed in Ja-Ela and it is the first time that such a high-rise tower is built outside the city of Colombo. The Bellevue Tower will be the tallest building outside the Colombo District.
The Bellevue Residencies (Private) Limited project will create 228 new employment opportunities and represents an investment of US$15.4 million. Bellevue Tower is a joint venture with MAGA, a leading contractor in Sri Lanka.
The investor, Chandima Karandawala, a Civil Engineer residing in Nice, France, has been involved in construction for more than 15 years in France.
Among the projects that Karandawala has built in the past is the house in the French Riviera of the singer Julian Lennon, the son of Beatles Star John Lennon.
His project in Sri Lanka, the Bellevue Tower will have apartments in both tower buildings and one of its main attractions will be its close proximity to Colombo International Airport.
Karandawala is confident of Sri Lanka's potential and he is looking at future projects in the hotel sector, BOI said. The tower project in Ja-Ela will utilize some of the cutting edge construction technologies currently available, the investor has said.