Sri Lanka approves US$500mn Shang Properties development: Minister

The Colombo skyline at night. The capital has transformed in recent years with the development of multiple high rise buildings. Source: UDA Photo

ECONOMYNEXT- Sri Lanka has approved a 500 million US dollar mixed development project on state land in the capital Colombo which is the first phase of 900 million US dollar investment, State Minister for Investment Promotion, Keheliya Rambukwella said.

The project’s main promoter is Shang Properties, a company linked to the Shangri-La group, he said.

The project will come up on a 6-acre state land in Colombo around the Beira Lake area.

Sri Lanka is providing the land on a 99-year lease, for which the investor had already paid 100 million US dollars, he said.

The land was originally advertised by the last administration but final approval was delayed, he said.

The project will be a joint venture between Shang Properties and Kerry Investments of Hong Kong. (Colombo/Jan09/2020)