Hayleys PLC announced last week that the company’s Board of Directors has agreed in principle to initiate on a Property Development Project at the premises situated at No. 400, Deans Road, Colombo 10.

The statement further said that the venture would entail the construction of ‘A’ Grade Twin Towers with 55 floors each, having a total floor area of 3.8 million square feet of commercial Office Space.

The proposed new venture would be carried out via a newly incorporated Company with 100% of initial equity investment made by Hayleys PLC.

It was also said that the implementation of the said project would be subject to receiving infrastructure development incentives offered by the government in the recent past to similar development projects.