The Board of Investment has granted its approval for the construction of a 60 story building which will stand as the tallest building of Sri Lanka after completion. The total estimated cost for the construction work of this project US$120 million and it is expected to be completed in three to four years. It will be built in Battaramulla.

The agreement was signed by Dhammika Perera- Chairman/Director General of the BOI and Nagaraj S. Adiga Chairman and Managing Director of NEB- which will undertake the construction work of the project and Naveen Bansal, Director General of the same. 

Minister of Enterprise Development and Investment Promotion- Sarath Amunugama who welcomed the investors at the occasion highlighted the importance of such mega projects to fast track the Sri Lanka's development goals. “A metro is a sign of modernity. Many Asian capital cities now have Metros and have benefited considerably in the long term,” he added.

The new tower by NEB projects is described as a mixed development project, which means that it will include office space, commercial and residential sections. Also this will provide a created number of direct and indirect employment opportunities. 

Mr. Nagaraj S. Adiga, Chairman & Managing Director of NEB spoke of the vast potential of this project. Referring to the new 60 story building he said “We are happy to launch this project here. This will be the tallest building in Colombo City with mixed development and it will have the latest and most modern infrastructure facilities. We are very happy with the support given to us by the government, the UDA and the BOI. With this type of support we hope to start more projects in Sri Lanka.”