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)