Sri Lanka’s Richard Pieris retail unit gets land for mixed development project

ECONOMYNEXT – Sri Lanka’s Richard Pieris Distributors has got approval to lease just over an acre of land in a southern suburb of Colombo close to an entry point to the southern expressway for a mixed development project.

The project, consisting of a high-end shopping and entertainment centre and 80 apartments, was approved by the Cabinet of ministers this week.

A statement said the land on High Level Road in Kottawa will be given on a 99-year lease to Richard Pieris Distributors, which manages the Arpico chain of supermarkets and an island wide network of showrooms.

It is a unit of the listed Richard Pieris & Company.
(COLOMBO, 10 October 2019)