The Cabinet
approved Richard Pieris Distributors from Sri Lanka for a mixed development
project to lease an acre of land in a southern suburb of Colombo near an entry
point to the Southern expressway. The proposal made by the Minister of
Megapolis and Western Development received Cabinet approval to vest a land plot
of 1 acre, 1 rood, and 19.40 perches on a 99-year lease basis bordering the
High-Level Road.
The project is a
mixed development project consisting of a supermarket, luxury shopping malls,
recreational activities, and residential components with 80 apartments. The
project comes under the purview of Sri Lanka’s Megapolis and Western
Development Ministry.
OSL Take
The agreement
between Sri Lanka’s UDA and Richard Pieris Distributors to commence a massive
mixed development project in Sri Lanka indicates the overall growth momentum in
the island nation.
The move by the
cabinet of ministers to approve this project in Colombo is an indication of the
level of confidence in Sri Lanka’s growth potential where international
businesses are concerned. Other foreign business ventures could also explore
similar investment opportunities in Sri Lanka. Meanwhile, the mixed development
project, once completed, would also create investment opportunities for
potential businesses/investors.
VBS/AT/20191105/Z_TB1
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