Bay One Residences Colombo, an apartment project in Sri Lanka’s China-backed Port City special economic zone was launched by ICC, an engineering and construction group, a statement said.
The project offers apartments starting from 500,000 US dollars with sizes ranging from one bedroom (68 to 72 square metres) to 4-bedrooms (306 to 515 square metres).
Bay One is Residences is the first residential project in the dollarized, area reclaimed from the sea by China Harbhour Engineering group.
Sri Lanka’s parliament recently, passed a law setting out tax rates for businesses in the Colombo Port City.
Sri Lanka has high income tax rates of 30 percent, which are out of line with countries that have monetary stability in East Asia of around 20 percent or below.