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Sri Lanka approves US$250mn mixed-development project in Colombo

Source: Economynext/Amitha Thennakoon

ECONOMYNEXT- Sri Lanka’s cabinet of ministers has approved a 250 million US dollar mixed development project in Colombo, a cabinet spokesperson said.

“The cabinet has agreed to construct a mixed development project with foreign investments of 250 million US dollars on Baladaksha Mawatha,” Minister Bandula Gunawardana said.

“It will be a 30-floor highrise with 600-700 apartments,” he told reporters in Colombo.

“The project is expected to be completed in six years.”

The English newspaper DailyFT reported that the investor will be Shangri-La.

Shangri-La already operates the mixed development One Galle Face mall, offices and condominiums and Shangri-La hotel situated between the Galle Road and Baladaksha Mawatha. (Colombo/Dec20/2019)

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