Indian real estate firm Krissh Group has signed an agreement with the Board of Investment of Sri Lanka to construct the $460m Transworks Towers in Colombo Fort.
As per the deal, Krissh will build four towers featuring residential apartments and office space.
The towers will be linked through air bridges and three towers will be situated on a 10-storey podium block with the tallest one having 80-storeys and the other two having 55.
The fourth tower will feature a retail shopping complex, an office complex and a hotel.
The project will also feature a club lounge, a hotel, a business centre, a spa, a sky lounge and viewing deck on the top floor, a roof top swimming pool and a helipad.
BOI chairman and director, M.M.C Ferdinando said, "This is a very significant investment from India which will result in the revitalising of the Fort area of Colombo that is already undergoing many changes with the construction of new hotels and other improvements to this economically vital part of the city."
The podium block will feature two floors for shopping malls, two floors for offices and eight floors, including two basement levels, for parking.
Upon completion, the project will provide the Central Bank of Sri Lanka with 400 car parking spaces, ten bus parking spaces and commercial space of 3,000m².
The project will also include the preservation and upgrade of the Transworks building to house a hotel.
The towers will be built on the land around Transworks House which has been given to the developer on a 99-year lease.