(COLOMBO, LANKAPUVATH) –The first foreign investment under the new government of President Gotabaya Rajapaksa is to be launched shortly.
The investment will 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, Perennial Real Estate Holdings, the Finance Ministry said today.
The Finance Ministry said that the US $ 250 million foreign investment project 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 Cabinet of Ministers has approved the proposal made by Prime Minister Mahinda Rajapaksa as the Minister of Finance, Economy and Policy Development to facilitate investment activities for the relevant company.
With the signing of the agreement soon, the land for the project will be leased out to the company and the Government of Sri Lanka will receive US Dollar 43 million as the payment for the leasing.