Dec 28, 2010 (LBO) - Sri Lanka's Hotel Reefcomber has struck a deal to build a four-star beach resort with water-front villas on a property it acquired for 67 million rupees, a stock exchange filing said.
Hotel Reefcomber has finalised the purchase of land called 'Santhoduwa' at Santhoduwa village in Akkaraipatu within the secretariat division and pradeshiya sabha (local council0 limits of Kalpitiya, it said.
The land was in three blocks of 12 acres, 25 acres and five acres.
The CSE filing said Hotel Reefcomber has also entered into a lease agreement with Asia Sports Management to lease 35 acres of the land for 99 years for a total lease rental of 55 million rupees.
The company aims to build a four-star resort with 28 water front villas which take advantage of the 700 metre beach frontage of the Santhoduwa-Kalpitiya land, it said.
source - www.lbo.lk
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