The memorandum of understanding (MoU) for project was signed by the Urban Development Authority (UDA) Chairman Nimesh Herath and the Japanese investor Akira Hirose yesterday at UDA in Battaramulla.

The total amount invested in the renovation is Rs. 300 million. The local partner is J&S Masters Ltd.

The Japanese investor will manage and operate the Pettah floating market under a 30 year lease agreement. The envisioned transformation aims to position the floating market as a Japanese Town and a tourist attraction.