Government approves $250 million investment in mixed development

A 30-storey commercial tower inclusive of 700 new residences will be erected on the banks of Beira Lake in Colombo by a foreign investor called Perennial Real Estate Holdings, the Finance Ministry announced today.

The Press Release said that this was the first foreign investment attracted by the new government headed by President Gotabaya Rajapaksa.

However, this project was proposed by the former government and at the time strongly criticized by the then opposition particularly UPFA MP Kanchana Wijesekara.

The total foreign investment will be $250 million and the state will receive $43 million of that for the plot of land the project will be built on. The land has been leased to a foreign company.

The site, the Ministry said, is located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo.

 The mixed development 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.

Perennial Real Estate Holdings is a Singaporean company with investments in China, Singapore and Malaysia.

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