The government is set to receive US$ 43 million by leasing a plot of land located between Beira Lake and Shangri-La hotel on the Baladaksha Mawatha.

According to Finance, Economy and policy Development Ministry the said plot of land would soon be leased out to Singapore’s Perennial Real Estate Holdings to develop a US$ 250 million mixed development project.

The Cabinet of Ministers has given its nod to facilitate the investment.

The ministry press release touted this as the first foreign investment under President Gotabaya Rajapaksa’s government. 

Although the ministry press release didn’t specify, the lease period of the land is believed to be 99 years.

The project will see the construction of a 30-storey commercial tower inclusive of 700 new residencies. In addition, it will also provide for retail and food outlets.

Perennial Real Estate Holdings is an integrated real estate and healthcare company listed and headquartered in Singapore. 

As a real estate owner, developer and manager, Perennial focuses strategically on large-scale mixed-use developments and has a presence in China, Singapore, Malaysia, Indonesia, Myanmar and Ghana with a combined portfolio spanning over 65 million square feet in gross floor area.

Perennial is also a healthcare services owner, operator and provider in China with two core business segments, being hospitals and medical centres as well as eldercare and senior housing.

In Singapore, Perennial has invested in and/or manages prime iconic properties located in the Civic District, Central Business District and Orchard Road precinct, such as Capitol Singapore, CHIJMES, AXA Tower, 111 Somerset, Chinatown Point and House of Tan Yeok Nee.