Citrus Kalpitiya delayed, villas reduced
View(s):Citrus Kalpitiya would be delayed for commencement, despite funds being raised through an Initial Public Offering (IPO) in this regard, due to lack of promotion of the area by the government, an announcement by the company, Kalpitiya Beach Resort PLC, stated.
It was pointed out that there was a delay in promoting this destination by the government and as a result, the company has “held back its plans and is awaiting an appropriate time to commence construction of the hotel and the villas.”
This was stated in a media release regarding the funds raised through an IPO of Citrus Kalpitiya where it was noted that though construction of 150 roomed, four star hotel and 50 exclusive villas was planned it would be reduced to a maximum number of 32 villas. The company noted however, that it “would not impact the profitability.”
The land was purchased and developed in 2010 anticipating that the proposed Kalpitiya Development initiative by the government would commence “immediately,” however, the the relevant infrastructure such as roads and highways, pipe borne water were also to be developed as Kalpitiya was to be promoted as a new Tourism Zone, the company stated.