Keonn Investments (Pvt) Ltd, a local investor entered into an agreement with the Board of Investment of Sri Lanka recently for its new business venture, 121 Residencies, a quality apartment complex in Jawatte Road, Colombo 5. Colombo. The total investment is USD. 4.9 million.
“The post-IMF scenario may have a positive impact on a better business ecosystem in the country and it is evident that the real estate and construction industry already show signs of acceleration,” an official of the BOI said.
121 Residencies will consist of 36, three bedroom apartments with a basement, ground, a mezzanine, and 9 floors that will provide multiple conveniences and be close to leading schools, hospitals, restaurants, and financial institutions. 121 Residencies optimizes the use of natural light in all living areas creating a natural openness, enhanced further by the use of materials of light shades of color. All living spaces are designed to have natural ventilation and sunlight.
Residents will have a rooftop leisure area which features a swimming pool and plush entertainment facilities and a state-of-the-art gymnasium located on the mezzanine and a reception area on the ground floor.
The newfound real estate sector acceleration will be a catalyst for FDI investors to relocate to Sri Lanka with an international-level quality standards lifestyle. Property development of this nature further enhances Sri Lanka’s image and creates a much-needed ecosystem and facilitates ease of doing business.