The agreement with the BOI is to build a luxury resort valued at over US $ 4.5 million. The project known as the Plantation Luxury Villas to be built in Koggala, is considered a strong vote of confidence in Sri Lanka’s tourism sector by a foreign investor and developer known for internationally renowned luxury resort projects.
Expressing confidence in the ability of the country to bounce back soon, the first FDI in the country’s tourism sector after the recent incidents was signed by the founders of Sundara (Pvt) Ltd., Dale Rennie and Sabrina Van Cleef Ault at the Board of Investment (BOI) office.
The initial agreement with the BOI is to build and invest in a luxury resort at over US $ 4.5 million. Given the current status, rising costs and devaluation of the Rupee, the investment has been revised to US $8 million. The project known as the Plantation Luxury Villas to be built in Koggala, is considered a strong vote of confidence in Sri Lanka’s tourism sector by a foreign investor and developer known for internationally renowned luxury resort projects.
“Sri Lanka is our home now and despite the recent events we have always felt absolutely safe and looked after here. We want our investors and visitors to feel the same way. The country’s natural beauty is stunning and our property in Koggala perfectly encapsulates the mini treasure stove of wonders you can find here in Sri Lanka,” Dale and Sabrina said.
The project is due to be completed next year and land has been already allocated. We have received amazing support from the authorities and this is a key in our ultra luxury markets within the environment ethos. We have a number of projects in several countries including Bali in Indonesia and Philippines which are environment- friendly, Rennie said.
“We look at the country and try to understand the key natural environment. We were impressed by the beautiful environment in Koggala. We will be using sophisticated construction methods and an environmental friendly ethos for the resort. We will engage in green initiatives.
We have a long term view on Sri Lanka and the recent incidents do not alter our plans in the country. We want to be a part of the solution and it is about the whole eco system,” he said.
The Plantation will commence development in early 2021. The development will be finished by December 2024.
Please check the progress on our website.