- the proposed project aims to improve the existing standard of families residing in the area. Phase I of the project will provide 536 residential units and about 100 commercial shops within the said area ; and Phase II will be a Mixed Development Project providing Commercial Office Space, Residential Apartments, Hotels etc. with modern amenities. The proposed investment is US $429.5 million. The proposal made by Hon. Lakshman Yapa Abeywardena, Minister of Investment Promotion, to proceed with the relevant activities under the Strategic Development Projects Act No.14 of 2008 , was approved by the Cabinet.