Shirajiv Sirimane (shirajivs@gmail.com)
Malwatte Valley Plantations PLC Company is investing over Rs. one billion to diversify their portfolio mainly into leisure and real estate sectors.
MalwatteValley Plantations Managing Director and CEO Willem L. Bogtstra said the tea industry is facing stiff competition and with high manufacturing costs they needed to diversify. “Firstly we have invested nearly US $ 450,000 in Melbourne to build four town housing units as a pilot project. This project was very successful as we have sold all four which has given us confidence to do a bigger project soon.”
“We now plan to build a further 12 units this year under the same concept,” he said. Bogtstra said doing business was easy in Australia and this was another reason for them to re invest. He said that with the Sri Lanka leisure sector booming they have decided to build a three star hotel in Hakgala in one of their estates. “Under a subsidiary company, Uva Resorts and Resorts Pvt Ltd, we will build on a defunct Tea factory and have 60 rooms.” “This will be mainly targeting the budget travellers and room rates would start from US$ 60 and we would also offer single occupancy.”
Since the location is close to Hakgala Gardens we will also have a large cafeteria and a shopping mall which would be something novel to the area.” Ashley De Vos is the architect of the project. The construction of the hotel is expected to be ready next year. “We also hope to build a similar 75 room hotel targeting the budget travellers in Vakarai, Pasikudah. “The investment for both hotel projects will be around Rs. 700 million and we hope to raise 40% from borrowings.”
Malwatte Valley Plantations also own and operate The Talduwa Manor resort in Dehiowita. This six roomed colonial bungalow was built in 1920. Bogstra said that they are looking at a fish breeding project in the Eastern province. “This would be for exports.”
www.dailynews.lk
Malwatte Valley Plantations PLC Company is investing over Rs. one billion to diversify their portfolio mainly into leisure and real estate sectors.
MalwatteValley Plantations Managing Director and CEO Willem L. Bogtstra said the tea industry is facing stiff competition and with high manufacturing costs they needed to diversify. “Firstly we have invested nearly US $ 450,000 in Melbourne to build four town housing units as a pilot project. This project was very successful as we have sold all four which has given us confidence to do a bigger project soon.”
“We now plan to build a further 12 units this year under the same concept,” he said. Bogtstra said doing business was easy in Australia and this was another reason for them to re invest. He said that with the Sri Lanka leisure sector booming they have decided to build a three star hotel in Hakgala in one of their estates. “Under a subsidiary company, Uva Resorts and Resorts Pvt Ltd, we will build on a defunct Tea factory and have 60 rooms.” “This will be mainly targeting the budget travellers and room rates would start from US$ 60 and we would also offer single occupancy.”
Since the location is close to Hakgala Gardens we will also have a large cafeteria and a shopping mall which would be something novel to the area.” Ashley De Vos is the architect of the project. The construction of the hotel is expected to be ready next year. “We also hope to build a similar 75 room hotel targeting the budget travellers in Vakarai, Pasikudah. “The investment for both hotel projects will be around Rs. 700 million and we hope to raise 40% from borrowings.”
Malwatte Valley Plantations also own and operate The Talduwa Manor resort in Dehiowita. This six roomed colonial bungalow was built in 1920. Bogstra said that they are looking at a fish breeding project in the Eastern province. “This would be for exports.”
www.dailynews.lk
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