Business

LOLC secures UDA Rajagiriya land

LOLC Holdings PLC (LOLC) has by a Colombo Stock Exchange (CSE) corporate disclosure dated 26 January 2022 announced that its fully owned subsidiary, LOLC Investment Holdings Two (Pvt.) Ltd., has secured a land block located in Cotta Road, Rajagiriya on a 99-year long-term lease.

This land block containing one acre one rood and 9.29 acres in extent, was obtained by LOLC Investment Holdings Two (Pvt.) Ltd. on a 99-year long-term lease for a consideration of Rs. 1.1 billion to develop a mixed development project involving a total investment of Rs. 13 billion.

Approval for this lease was granted by the Cabinet of Ministers on Monday (24) following recommendations from the Cabinet Standing Review Committee of the Urban Development Authority (UDA).

LOLC has confirmed to the UDA that the project will be completed within two-and-a-half years.