Perennial Real Estate Holdings Limited is preparing for the first foreign investment project that will be launched after the new government assumed power.
This investment will be made in a three acre land, along Baladaksha Mawatha, between the Beira Laka and the Shangrila Hotel.
The total investment is 250 million US Dollars, under which a 30 storied commercial tower will be constructed, whilst 700 housing units will be established. In addition, the complex will accommodate retail and food outlets.
Cabinet approval was received recently, for the proposal put forward by the Prime Minister, to facilitate the said Company to engage in investments. The agreement in this regard will be signed soon, and thereafter, the plot of land will be rented to the Company.
The Ministry of Finance states, the estimated rent payment the government would receive will be 43 million dollar