Mahen Weerasekera, Chairman of Sanken Group, the company behind the iconic 50-storeyed residential towers, Capitol TwinPeaks, shares insights about the evolving real estate market and what makes Capitol TwinPeaks a compelling option to investors and homemakers.
As we head into 2022, it is likely to be another challenging year. How do you see the Sri Lankan property sector shaping up in the year ahead, particularly in the luxury segment?
Various challenging decisions confronted us as we moved towards the completion of Capitol TwinPeaks. While Covid-19 has spawned a profusion of unprecedented challenges, the opportunities unleashed by the investment in Capitol TwinPeaks is considered unique and unmatched in Sri Lanka. The future of real estate is positive and is among the best asset classes to invest in over the next five years, yielding returns far above what banks offer on savings or fixed deposits. For this reason, we see investors increasingly looking for opportunities in real estate. Where else would people put their money?
There are several more reasons why real estate is a compelling investment. The constricting effects of the 2019 Easter bombings and Covid-19 mean that Sri Lanka has an untapped tourist destination, so there is potential for tremendous tourism growth. The Colombo Port City will also open new and transformative opportunities by attracting big-ticket investors. For both these reasons, real estate will boom. The demand will push prices up, compounding the effect of rising construction costs. Buying land and building a home will be inhibitive. So, anyone wanting to live in the city will find Capitol TwinPeaks presents a compelling option in terms of affordability and lifestyle.
Generally, all over the world, people move from old apartments to new apartments that have higher rent ability while the older ones drop in value. Developments such as Capitol TwinPeaks will experience value appreciation for years to come. That is because we have created and designed innovative, futuristic, and sustainable living spaces that cater to the evolving needs of discerning people who always want more in life.
With over 80% of the 475 apartments of the 50-storeyed Capitol TwinPeaks complex sold out, can you tell us about this project and what sets it apart?
Capitol TwinPeaks is a lifestyle complex that delivers futuristic living in downtown Colombo. It offers 40,000 square feet of luxury facilities and amenities for residents to live, work and play. While it is a mixed development, with commercial services available at the entrance level and on level 50, Capitol TwinPeaks strictly maintains the privacy of its residents. It has a grand entrance lobby exuding the comforts of space and maintains a separate service entrance.
The Sanken Group, with diverse business interests in nine countries across three continents, is responsible for the majority of high rise developments in Sri Lanka. We have successfully used this experience and wealth of knowledge to understand our customers and their evolving needs and wants, aptly manifested in Capitol TwinPeaks.
The architect, P&T Group Singapore, is an award-winning global design firm with over 150 years of experience, and Capitol TwinPeaks is one of three fruitful collaborations with them. They introduced optimum-sized apartments beneficial to investors because there is less energy consumption, resulting in lower living costs and less harmful to the environment. Capitol TwinPeaks is also home to the highest Sky Lounge in Sri Lanka and the highest Sky Bridge in South Asia, both at Level 50.
What makes Capitol Twin Peaks a compelling investment?
Located at the heart of the Central Business District, just 2km away from the Colombo Port City, Capitol TwinPeaks presents a compelling offering to investors and homemakers alike. Being a project by Sanken Group is an advantage due to the reputation and trust our brand enjoys. The property has everything for a wholesome modern lifestyle within its towers, neighbouring a leading hospital, the entertainment district, cinemas, restaurants and malls, and within walking distance from leading schools, the beach, and Colombo Fort.
What excites you the most when you look at the emerging trends in the property segment of Sri Lanka?
It is always exciting to see new developments and innovative concepts featured in new projects. We are starting to see new ideas and best practices from foreign markets, and that is great because it demonstrates the market is growing, evolving, and maturing. The Sanken Group is also introducing some new concepts and innovations at Capitol TwinPeaks, and we will announce these soon.
How are you planning to unleash opportunities for the company and investors looking at property opportunities in the year ahead and beyond?
As a long term investor in this space, the Sanken Group believes in the value proposition of Capitol TwinPeaks in the years to come. And with this belief, the Sanken Group has a good portfolio of investment properties in the pipeline for development in the future.