By Yohan Perera and Ajith Siriwadana
Singapore’s Perennial Real Estate Holdings Limited is to launch the proposed US$ 250 million mixed development project in Colombo by March this year, State Minister Lakshman Yapa Abeywardena told Parliament yesterday.
The State Minister said the project will comprise 700 residential apartment units and a commercial building.He said the land had been given to the company on a 99-year lease.
The Finance Ministry earlier said the government is set to receive US$ 43 million by leasing the plot of land located between Beira Lake and Shangri-La hotel on the Baladaksha Mawatha.
However, Abeywardena said the land’s rent could change when the market value fluctuates.The State Minister added that the lease agreement has been drawn as per the country’s existing laws and regulations.“The previous government failed to finalize the deal in a way it would benefit the country,” he stressed.
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 or manages prime iconic properties located in the Civic District, Central Business District and Orchard Road precinct including Capitol Singapore, CHIJMES, AXA Tower, 111 Somerset, Chinatown Point and House of Tan Yeok Nee.