Lee Hedges PLC-owned Lee Hedges Investments Ltd ‘s Iconic Mix Development Project at No. 349, Galle Road, Colombo 3 will be completed by March 2017, the Chairman of the company S.R. Vamadevan says in the recent annual review of the company.
According to him, the construction work on the Galle Road frontage property by Lee Hedges Investments Ltd, a subsidiary of Lee Hedges PLC has progressed up to the 10th floor so far. He also notes that although the estimated cost of the project was Rs.1.2 billion, the increase in the rate of Value Added Tax (VAT), the interest rate and the depreciation of the currency is likely to push up the cost of the project. The project has been financed from loans and advances received from Lee Hedges PLC amounting to Rs.729 million and it is proposed to obtain bank facilities to complete the project.