Gaja Holdings to build Rs. 5 bn Cold Storage Facility in Meerigama, Housing Complex in Kurunegala | Daily News
First of its kind in Sri Lanka

Gaja Holdings to build Rs. 5 bn Cold Storage Facility in Meerigama, Housing Complex in Kurunegala


Gaja Holdings a multinational conglomerate associated with global organizations and joint ventures is building Sri Lanka‘s first Cold Storage facility in Meerigama on an one acre land and the largest grated housing for employees.

The total investment for the two projects would be Rs. 5 billion. Gaja Holdings, CEO, Gayath Jayasinghe said that the Cold Storage facility, a first of its kind in Sri Lanka would be a joint venture with a Malaysian counterpart.

Gaja Holdings, CEO, Gayath Jayasinghe

Sri Lanka does not have a large cold storage facility and due to this there is a huge waste during harvesting season when it comes to perishable items. “If you take green chilies, lime prices drop to rock bottom during season and in off season they sometimes pass the Rs. 1,000 mark per kilo. The reason for this is that even the government does not have a storage facility.

“It’s to bridge this over supply situation I decided to set up Sri Lanka’s largest cold storage facility and rent out its space on lease for both the private and government sector and especially to agro and livestock companies.” This concept is globally practiced for storage but unfortunately not done in Sri Lanka.

He said that Chinese technology would be used for the storage facility and a unique feature of the complex would be that it would be powered by 95% generators and solar energy.

The Cold Storage facility in Meerigama will also assist in storage of airport cargo. Gaja Holdings, corporate headquarters is rooted in Singapore and Malaysia while its subsidiaries are spread through Sri Lanka to China. Predominant business activities of this company are dredging & excavation, Turnkey projects, road construction and Agro chemical and Agro equipment distribution. Gaja Holdings CEO, Jayasinghe said that they have observed that a lot of employees who come for employment in Kurunegala travel from faraway places and it was due to this that they decided to build a housing complex targeting this segment.

“We have already negotiated for the 1.5 acre land in Kurunegala city limited and hope to build 500 units according to Singapore architectural design and the total investment would be in the excess of Rs. 3 billion.”

Funds would be raised through a consortium of investors from Singapore and Malaysia and through forward selling. The housing complex would have all facilities including a swimming pool, a shopping mall F&B Fashion, and entertainment facilities, multiplex cinema and large play area. The total project would be ready by 2023.

The proposed housing complex in Kurunegala and Cold Storage Facility in Meerigama


Add new comment