ITC begins mixed development project near Galle Face Green
View(s):India-based public conglomerate, ITC Ltd will soon begin construction work of a multi-faceted mixed use development project in a prime land in the Sri Lankan capital Colombo, a top official said.
Welcome Hotels Lanka (Pvt) Ltd, a newly incorporated ITC unit in Sri Lanka, has paid US$ 73.5 million, an upfront payment for a 99 lease of a 5 acre block state land near Colombo’s main Galle Face beachfront, Secretary to the Ministry of Investment Promotion M.M.C. Ferdinando said.
ITC will invest US$ 140 million to build the proposed complex consisting of luxury hotels, high quality residencies and shopping malls at a block of land of the property of former Army Headquarters premises facing the Galle Face Green in Colombo, other sources said.
The Cabinet of ministers has granted this project Strategic Development Project status providing necessary tax exemptions.
The company is expected to invest US$ 140 million over 60 months in a mixed development, a state gazette notification said, adding that a 10 year tax holiday has been given starting from the first year of profits or three years after operations. The firm will also get tax concession of 6 per cent or half the rate of tax for hotels (whichever is lower) within the next 15 years.
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