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Singapore’s Perennial to launch USD250mn mixed development project in Sri Lanka

Singapore’s Perennial to launch USD250mn mixed development project in Sri Lanka

Integrated real estate and healthcare company headquartered and listed in Singapore, Perennial Real Estate Holdings Limited is to launch a 250 million dollar mixed development project in Sri Lanka shortly.

This foreign investment project will see the construction of a 30-storey commercial tower inclusive of 700 new residencies and have facilities for retail and food outlets.

This investment will be made on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo.

The Cabinet of Ministers has approved the proposal made by Prime Minister Mahinda Rajapaksa as the Minister of Finance, Economy and Policy Development to facilitate investment activities for the relevant company.

According to the Finance Ministry, the land for the project will be leased out to the company after signing an agreement. The Government of Sri Lanka will receive 43 million dollars as the payment for the leasing.

This is the first foreign investment under the new government of President Gotabaya Rajapaksa.

As a real estate owner, developer, and manager, Perennial focuses strategically on large-scale mixed-use developments and has a presence in China, Singapore, Malaysia, Indonesia, Myanmar and Ghana with a combined portfolio spanning over 65 million square feet in gross floor area.