UAE based company gets approval to construct US$ 89 million apartment complex in Sri Lanka
Authorities in Sri Lanka have granted approval to UAE based Aspire Properties Holdings Limited to construct a US$ 89 million apartment complex project in the country’s capital Colombo.
Minister for Development Strategies and International Trade in Sri Lanka Malik Samarawickrama has reportedly told parliament recently that US$ 1.34 billion of investments had been approved up to April 2018 by domestic and international investors.
Aspire Properties will build the apartment complex in Colombo 02.
According to reports, another US$ 55 million property projects by mainly domestic investors had also been approved by April 2018. This includes a US$ 16 million office complex.
OSL take:
The approval granted by Sri Lankan authorities to a UAE based property company to invest in a construction programme in Sri Lanka indicates the continuous interest shown by foreign companies in investing in the island nation. There has been a surge in the foreign direct investments (FDIs) reaching the Sri Lanka and the trend seems to be on an upward climb according to the Minister for Development Strategies and International Trade. Therefore, other foreign businesses/investors could look at investment opportunities in Sri Lanka as well.
| Article Code : | VBS/AT/20180606/Z_1 |