Tudawe Brothers gets Lee Hedges Investments contract for Mixed Development Project at Kollupitiya

May, 8, 2015

Lee Hedges Investments Ltd, a subsidiary of Lee Hedges PLC has entered into an agreement with Tudawe Brothers (Private) Limited to award it the contract of constructing the proposed multi-storied Mixed Development Project at No. 349, Galle Road, Colombo 3 at a contract cost of over Rs. 978 million.

Below are the details of the related party transactions:

In March 2014, Lee Hedges Investments Ltd entered into an agreement with the Sri Lanka Board of Investment for a US dollar 9.5 million mixed development project on a land at Kollupitiya in Colombo.

This Hedges PLC subsidiary project is to provide 112,000 sq. feet of super grade office space within a 15 floor mixed development project with three floors of parking, central air conditioning and provision of two elevators.

Its construction is to be with a unique colonial architectural design which would stand out on its Galle Road frontage.

This land was originally owned by Lee Hedges PLC and had been acquired by the Government in 1970 for the Cashew Corporation. However, Lee Hedges had obtained the land from the UDA on a 99 year lease.

Lee Hedges PLC has already developed several residential apartment complexes within the Colombo Municipal limits.

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