Government to launch US $ 250 million mixed project

29 December 2019 10:00 am - 13 - {{hitsCtrl.values.hits}}

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The Ministry of Finance, Economy and Policy Development said today that the first foreign investment under the new government of President Gotabaya Rajapaksa would be launched soon.

In a press release, the Ministry said that investment would be made on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo by a foreign investor called Perennial Real Estate Holdings.

“This is a US $ 250 million foreign investment project that will see the construction of a 30-storey commercial tower inclusive of 700 new residencies. In addition it will also have facilities for retail and food outlets,” the Ministry said.

The Cabinet of Ministers has approved the proposal made by Prime Minister Mahinda Rajapaksa to facilitate investment activities for the relevant company.

With the signing of the agreement, the land for the project will be leased out to the company and the Sri Lankan Government will receive USD 43 million as the payment for the leasing.

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Comments - 13

Ex STF Sunday, 29 December 2019 10:31 AM

Investment is needed but definitely some Sri Lankans would get few millions illegally in this big transaction.

Sri Lankans Sunday, 29 December 2019 10:42 AM

Can we know the ownership of perennial real estate holdings?

hans perlee Sunday, 29 December 2019 10:47 AM

A project not in the interest of the normal people. Only for the rich again.

George Sunday, 29 December 2019 10:48 AM

For 5 years the gongpalana Sirisena/Ranil Govt. was in hiatus.

Ariyawathie Sunday, 29 December 2019 12:05 PM

This is very very good as we are short of high rises and apartment residencies in Colombo. No one will be earning Commissions in this project ?

Kingsley Wijesinhe Sunday, 29 December 2019 12:17 PM

Here we go again. Mega projects mean mega commissions.

Pantha Sunday, 29 December 2019 02:50 PM

Whats the use of this investment to the ordinary people. To receive only $ 43 million we are selling the prime land is surprise.

Ramal Sunday, 29 December 2019 05:41 PM

48 Million Dollars for what kind of a lease for what period?

ranjit Sunday, 29 December 2019 05:43 PM

what is the commission

samaraweera Sunday, 29 December 2019 05:59 PM

how many commercial complexes with residential units, retail and food outlets does Colombo need ? High rises are not the only indicator of development, are these projects being done to full fill any forecasted needs backed by data ?

Thor Sunday, 29 December 2019 06:34 PM

You said it, Kingsley, the Rajapaksas are back at it again, and this time they seem to be in mighty hurry, aren't they???

K.L Pathirana Sunday, 29 December 2019 07:39 PM

What's the reason for too many high rises within a 1Km radius ? It serves no purpose, block the wind from the ocean and make the area more congested. Again, we're not looking for the well being of the country or its average person. 700 residencies, commercial shop space and 30 story building all for US$ 250M seems a bargain of the century especially when you receive 43M $ in return, which makes me very suspicious of this project.

Truth Behind Monday, 30 December 2019 02:31 PM

How much of the $250M goes the family accounts

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Government to launch US $ 250 million mixed project

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