COLOMBO, March 3 (Xinhua) -- Singapore's Mustafa Centre will go head with a 200-million-U.S. dollar mixed development project in Sri Lanka, the head of the country's investments agency said on Friday.
Board of Investments (BOI) head Upul Jayasuriya was quoted as saying that the Mustafa's project in Sri Lanka will have a hotel and apartments as well as a shopping mall.
The mall will come up in the Kotahena area of Sri Lanka's capital Colombo.
The popular Singapore retailer - where many Sri Lankans made a beeline for shopping - is returning to revive its mixed development project in an agreement that was signed in 2012.
The project will feature a 975-room hotel, a retail development store, 400 serviced apartments and a 1,000-vehicle car park with a gross floor area (GFA) of 142,125 sq metres.
The Mohamed Mustafa Group has already made an upfront 10-million-U.S. dollar investment with a bank guarantee of 3 million pledging to bring 60 million U.S. dollars within three years during the project construction period, Jayasuriya said.