Govt. to launch US $ 250 mn mixed project

The Ministry of Finance, Economy and Policy Development said yesterday 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 Baladaksha 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 43 million US Dollars as the payment for the leasing.   

• The land for the project will be leased out to the company and the Govt. will receive 43 million US Dollars as the payment for the leasing