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Sri Lanka’s Vallibel One to go ahead with USD60mn integrated resort project

The leisure investment arm of Vallibel One, Greener Water limited is to continue with its project to construct a 400-roomed luxury five star resort in Negombo in its 18 acres of freehold land.

The company has entered into an agreement with the Board of Investment of Sri Lanka in relation to the project at a cost of 60 million US dollars, Vallibel One said in a stock exchange filing on Wednesday.

“At this point the company does not anticipate a material deviation from the Integrated Resort Complex as has been previously disclosed to the shareholders.” the company said.

2014/15 annual report of the Vallibel One said they will further evaluate the feasibility of the Project with the change of tax exemptions, global and local economic as well as tourism trend.

Greener Water limited is a wholly owned subsidiary of Vallibel One, incorporated in 2010/2011.