COLOMBO — In a significant milestone for special economic zone FDI, the Cabinet of Ministers has approved a land lease and development agreement with Prime Melwa (Pvt) Ltd for a massive USD 112.2 million mixed-use development within Colombo Port City.

The landmark project encompasses luxury residential towers, modern commercial retail spaces, premium marina dining promenades, and civic leisure facilities overlooking the Indian Ocean. Construction is scheduled to break ground before the end of the year under fast-tracked BOI and Port City Commission statutory approvals.

Port City Commission representatives noted that this transaction represents one of the largest private domestic real estate investments injected into the offshore financial zone to date, demonstrating strong private sector conviction in Colombo’s long-term positioning as South Asia's emerging services and maritime gateway.

The development is projected to generate over 1,500 direct construction jobs and establish a new benchmark for sustainable green-building standards and integrated urban living in Sri Lanka.