Indian investor plans to build tallest building in Sri Lanka

Colombo, May 28 (Xinhua-ANI): An Indian investor will begin to construct the tallest building in Sri Lanka in September at a cost of 250 million U.S. dollars, an official said here Monday.

The 400 apartment condominium running up to 68 floors is a venture by South City Projects (Kollkata) Ltd. It will be on the Sri Lankan government land along a lake in the heart of capital Colombo.

Indocean Developers that will cater to expatriates, tourists and non-Sri Lankans residing in the country will construct the project.

"This is the first overseas venture for South City Projects and we are keen on the venture. We are very attracted by the site and impressed by the potential of the premier location,"Indocean Developers Director Pradeep Sureka told media during the launch of the project.

The land, which is currently under the Defence and Urban Development Ministry, will be given to the company on an extended lease.

Similar multi-million dollar projects have been launched by the government including a 550-million-U.S. dollar Shagri-la hotel and a 300-million-U.S. dollar Sheraton Hotel. (Xinhua-ANI)