Sri Lanka’s Richard Pieris Distributors receives approval to launch mixed development project
Richard Pieris Distributors of Sri Lanka has reportedly received approval to lease over an acre of land in a southern suburb of the country’s commercial capital in Colombo, in close to an entry point to the Southern Expressway, for a mixed development project.
The project, which consists of a high-end shopping and entertainment centre and 80 apartments, was approved by the country’s Cabinet of Ministers this week.
A statement on the project that has been published in the local media stated the respective 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 and Company of Sri Lanka.
OSL take:
Sri Lanka is engaged in an aggressive development programme that covers all key economic sectors islandwide. This has expanded business/investment opportunities in Sri Lanka. The country’s geographical positioning in the Indian Ocean region, 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 Sri Lanka the ideal business destination in the South Asian region.
| Article Code : | VBS/AT/15102019/Z_2 |