The project’s main promoter is Shang Properties, a company linked to the Shangri-La group, he said.
The project will come up on a 6-acre state land in Colombo around the Beira Lake area.
Sri Lanka is providing the land on a 99-year lease, for which the investor had already paid 100 million US dollars, he said.
The land was originally advertised by the last administration but final approval was delayed, he said.
The project will be a joint venture between Shang Properties and Kerry Investments of Hong Kong. (Colombo/Jan09/2020