In a step towards reviving the tourism industry and the dull foreign direct investment (FDI) climate, the Board of Investment of Sri Lanka (BOI) inked its first major FDI agreement since the Easter Sunday attacks, on Friday (31) for a resort project in Koggala valued at over $ 4.5 million, or approximately Rs. 792 million. The agreement was inked with Sundara (Pvt.) Ltd., the property developers behind The Heritage Café and Bistro at Galle Fort and the owner of 80% of the investment of the project. The construction of the project, termed “Plantation Luxury Villas”, will begin in another month and the first phase of the construction is expected to be completed within a period of 18 months. Accordingly, the resort will become operational by the end of 2020. Speaking to The Sunday Morning Business, Plantation Luxury Villas Developer Dale Rennie stated that the required land had been already allocated and the electricity and water connections provided. “We need another four weeks to complete some mobilisation work, and then we will be good to go,” Rennie stated. According to Rennie, marketing of the property had already begun and 56% had been sold as of now. The property is the only five-star resort in Sri Lanka offering a guaranteed return of 7% per annum for a period of five years. “Our key target markets for this property are Singapore, Hong Kong, and Australia,” Rennie noted. The plantation was designed by celebrated Sri Lankan architect Manjula Kalhara. The property has 14 villas with sizes ranging from 1,204-2,650 square metres, replete with all the facilities of a luxury resort. Rennie’s wife and partner, Sabrina Van Cleef Ault, is the Creative Head of the company. Ault is also the Co-founder and Creative Director of the world famous “Pangaea” uber luxury lifestyle and entertainment brand in six continents and 10 cities. Sabrina also designed the unique Puzzle Beach House in the prestigious Talpe area of Sri Lanka's southern coast. The investment reflects a strong and steady increase in investment for one of Sri Lanka’s most promising sectors, according to BOI Chairman Mangala Yapa. “Tourism has been thriving for the last decade – there is no other way to describe it. The sector is certainly strong enough to bounce back from setbacks, and we are very pleased to have the confidence of two seasoned investors and developers.” Rennie is the owner of Villa Anugrah in Bali, an award-winning ultra-luxury property. He also owns a number of luxury hotels in the Philippines and Indonesia. In Sri Lanka, he developed the beachfront villa “Puzzle Beach House” in the Habaraduwa area. Rennie will be opening “The Dandy”, a boutique hotel, in 3Q 2019 in Galle Fort. – By Madhusha Thavapalakumar