Lee Hedges PLC, said that they are planning a scaled down operation in place of the proposed multi storied residential service apartment building on Lot D of the land called Collpetty Mills.
The Board of Directors having considered the status of the company’s present investment portfolio and having further assessed the present economic climate are of the view that it is the best interest of the company that the company invests its time and expertise on maximising the
returns to the Company with its existing investments and accordingly and will not to proceed to invest the Rs. 2.8 bn in Lot D of No 353, Galle Road,Colombo 3.
An official from Lee Hedges said that their current BOI approved ongoing Mixed development Project on the former Cashew Corporation premises facing Galle road will be ready by end July this year.
This project is being built on a land leased from the Urban Development Authority (UDA) on a 99 year lease. The project consists of 100,000 sq.ft. on a total of 15 floors.The second floor to eighth floor is designed for corporate offices and the upper floors for service apartments.
This building is owned by the Lee Hedges Investment Limited, a subsidiary of Lee Hedges, the Company will rent the building for the long term tenants. “This will be an eye mark building in Colombo 3,and we hope to launch pre sales soon,”a company official said.
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