India-based Indocean Developers is planning to build a $400m shopping and residential lakefront complex in the Sri Lankan capital of Colombo.
Under the project, the company will transform Sir James Peiris Mawatha into a street filled with retail stores, cafes, restaurants, spas and premium residences.
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The company has paid $23m to acquire two acres of land in front of Colombo’s Beira Lake on Sri James Peiris Mawatha for a 99-year lease from the Urban Development Authority of Sri Lanka.
Construction on the project is expected to begin within a year and could be finished in three years.
