The first foreign investment under the new government of President Gotabaya Rajapaksa is to be launched shortly. This investment will be made on a  plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo. by a foreign investor called Perennial Real Estate Holdings.

This is a US $ 250 million foreign investment project that will see the construction of a 30-storey commercial tower inclusive of  700 new residencies. In addition it will also have facilities for retail and food outlets.

The Cabinet of Ministers has approved the proposal made by Prime Minister Mahinda Rajapaksa as the Minister of Finance, Economy and Policy Development to facilitate investment activities for the relevant company.

With the signing of the agreement soon, the land for the project will be leased out to the company and the Government of Sri Lanka will receive US Dollar 43 million as the payment for the leasing.

Perennial Real Estate Holdings Limited (Perennial) is a Singapore based integrated real estate and healthcare company. Perennial focuses on large-scale mixed-use developments and has a presence in China, Singapore, Malaysia, Indonesia and Ghana with a combined portfolio spanning about 65 million square feet in gross floor area.

Perennial is also a healthcare services owner, operator and provider in China with two core business segments, being hospitals and medical centers as well as eldercare and senior housing.

Four of Perennial's developments in China includes Chengdu East High Speed Railway (HSR) Integrated Development, Xi'an North HSR Integrated Development, Tianjin South HSR Integrated Development and Kunming South HSR Integrated Development, are regional healthcare and commercial hubs.

In Singapore, Perennial has invested in properties located in the Civic District, Central Business District and Orchard Road precinct.