Sri Lanka approves US$ 250 million mixed development project by Shangri La
Sri Lanka’s Cabinet of Minister has reportedly approved a US$ 250 million mixed development project by Shangri La Group to build an apartment and shopping complex in the country’s commercial capital, Colombo.
The proposed project is to be launched on Baladhaksha Mawatha in Colombo 2, which is behind the existing Shangri La Hotel and One Galle Face Mall
The 30-storey building will have between 600-700 apartments in addition to a shopping complex.
The project is due to be completed in six years, Sri Lanka’s Cabinet spokesman Minister Bandula Gunawardana has said.
OSL take:
The Shangri La group has invested in several key projects in Sri Lanka. The decision by the company to invest further in a mixed development project in Sri Lanka is indicative of the level of confidence foreign businesses has on the island’s business potential. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/23122019/Z_5 |