October 18, 2019
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    BOI signs USD 4.5 mn villa project with US investors

    June 03, 2019

    Sundara (Pvt) Ltd from USA, inked an agreement with Board of Investment (BOI) to build “The Plantation Koggala” a luxury hotel project in Koggala on Friday. This is the first foreign party agreement to be signed after the Easter Sunday blasts, stamping investor confidence towards Sri Lanka. Dale Rennie and Sabrina Van Cleef Ault signed the agreement to build ‘The Plantation Luxury Villas’ in Koggala, a luxury resort project valued at over USD 4.5 million (approximately Rs 792 million).

    The project was designed by celebrated Sri Lankan architect Manjula Kalhara and will consist of 14 exclusive one and two-bedroom pool residences. The first phase of the construction is expected to be completed within a period of 18 months. The property developer Sundara (Pvt) Ltd also own and operate The Heritage Café and Bistro in Galle Fort. “We are also investing in another hotel project in Ahagnagama with an investment of US$ 1 million.” This will bring their total investment in Sri Lanka to over Rs. 1 billion.

    With this investment, founders Dale Rennie with a 26-year career in the entertainment industry and Sabrina Van Cleef Ault are complementing a portfolio of successful developments around the world which includes nearly 800 keys in Philippines and Indonesia.

    “Sri Lanka is our home now, and despite recent events we have always felt absolutely safe and looked after here and want our investors and visitors to feel the same way,” said Dale and Sabrina on their investment.Sabrina is the original co-founder and Creative Director of the iconic uber luxury nightclub brand Panagaea, the highest earning property of its kind in the world. “I am trying to move out of the night club business and concentrate on the hotel segment.” BOI Chairman Mangala Yapa said that the Easter blasts would result in dip of FDI. “Tourism sector is certainly strong enough to bounce back from setbacks and we are very happy to have the confidence of two seasoned investors and developers like Dale and Sabrina. They have our full support- Sri Lanka remains as ready and open to investment as ever.”

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