29 December 2019 10:00 am
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.