This is a US $ 250 million foreign investment project that will see the construction of a 30-story 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, further stated the Ministry.