Sri Lanka’s first ever overseas mega apartment project, the Sea Life Complex (SLC) constructed by Coral Property Developers Colombo in the island of Hulhumale, Maldives has been entirely sold out. This has been accomplished almost year before its completion date.
The Sea Life Project, which is close to the capital Male offers 3,500 apartments and are being constructed at the cost of US$ 70 million.
The first 1,000 units will be completed by 2018. The extent of the island is 60 hectares.
To date this is the biggest apartment project and also the biggest private sector JV operation to date in the Maldives. Ahmed Moosa Mohamed of Sea Life Global Inc (Pvt) Ltd is the Maldivian partner.
Coral Holdings, Chairman Dr. Piraba Subramaniam said that this shows the investor confidence Maldivians have for Sri Lankan built projects and also shows the growing demand for apartments in the Maldives as well.
“This is also our first project overseas and the success has inspired us to look at similar ventures overseas. We are now aggressively looking at more such projects in both Canada and in the Gulf.”
Construction projects of this nature immensely help to grain foreign exchange to Sri Lanka, offer employment to Sri Lankans in foreign countries and most importantly carry Sri Lanka brand name overseas enticing more invests to invest back in Sri Lanka.
Maldivian Housing and Infrastructure Minister Dr. Mohammed Muizzu who was present at the signing of the agreement has said that he welcomed Sri Lankan investors to commence more business ventures in the Maldives in the years to come.
The complex consists of three lots with three blocks each and two towers in each block. The towers are high-rise buildings with up to fourteen floors.
The towers are connected from the third floor with a skywalk bridge. Each tower has a multitude of apartments from one room studio units to three room units and luxurious penthouse units.
The facility include, the largest luxury shopping arcade, boutique shops and salons, Cafes & restaurants, swimming pool & sports complex, a business centre with meeting and conference facilities, office spaces, one-stop bill pay faculties and parking.
Coral Holdings is one of the leading property developers in the country based in Colombo having established initially under the name Coral Construction (Pvt.) Ltd in the year 2003. During the past 13 years, it involved actively in acquiring, developing and managing residential and business complexes of different magnitudes.
Coral Holdings is a diversified conglomerate with subsidiary companies Coral Property Developers (Pvt.) Ltd, Basran Builders (Pvt.) Ltd, Mangai (Pvt.) Ltd, Coral Saffron (Pvt.) Ltd, Coral City (Pvt.) Ltd, Coral Water (Pvt.) Ltd and Larco Automobiles.
Sources : dailynews