Oct 26, 2015 (LBO) - Sandal Lands (Pvt) Ltd of India said they are in talks with Sri Lanka's urban development agency to seek opportunities to invest up to 25 million US dollars in residential or commercial property, looking at the strong growth prospects in island’s real estate market.
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The company plans to invest up to 25 million US dollars within the next three to five years for a residential, commercial or hospitality development in Colombo.
The company has already set up an entity registered with the Section 7 of the Companies Act named Sandal Colombo (Pvt.
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) Ltd. and has also received pre-approval from Board of Investment (BoI) of Sri Lanka.
Sandal Lands is now holding discussions with the Urban Development Authority (UDA) to get its first project in Sri Lanka off the ground within three to six months, with an immediate investment of 10 million US dollars.
“We believe that this is an exciting and opportune time to invest in Sri Lanka, especially as it complements and aligns with the nation’s broader objectives – including the country’s renewed emphasis on strengthening bilateral commercial relations with India and plans to convert the Western Province to a megapolis,” Sanjay Kathuria, director – corporate strategy and business development of Sandal Lands said.
“Utilizing the experience and expertise developed over the years in handling major projects in India, as well as our recent entry to Maldives, Sandal Lands is well-positioned to successfully undertake this endeavour – which has the potential to create substantial employment locally at different tiers, including at managerial and executive level.”
The company, which recently signed a US$ 10 million Public-Private Partnership (PPP) with the Maldivian government to construct public housing, is in the process of selecting suitable Sri Lankan partners, Kathuria said.