COLOMBO (EconomyNext) – Shangri La Hotels and Resorts started marketing apartments in its 450 million US dollar mixed used project in Sri Lanka’s capital Colombo pricing units from 700,000 US dollars to 1.5 million US dollars.
The apartments range from 1,700 square feet upwards.
The group is building 406 apartment units in its Colombo project which will also have a hotel, shopping complex and office space.
Shangri La Asia, Executive Director Madu Rao said the group now owned or managed 90 hotels in 21 countries with 38,000 hotel rooms.
It also had 1.15 million square meters of investment property made up of offices, serviced apartments and retail space. Each ‘mixed use’ project also had a hotel making it a ‘city within a city.
"This is exactly the project that is conceived for Colombo," Rao said. "I do believe once completed to the design and operating standards that Shangri La is known for, it will embellish Colombo’s equity as an international commercial centre and tourism destination in Asia."
The ‘One Galle Face’ project in Colombo will have will have two 194 metre residential towers with 140,000 square meters.
The complex will also have a 540 room hotel, a 50,000 square meter mall and 125,000 square meters of office space.
Shangri La hotel is expected to open in the second quarter of 2017 in Colombo and the apartments ready for occupation by the last quarter.
By 2017 Shangri La expects to have 46,000 hotel rooms, 2.4 million square meters of investment properties, not counting 1.3 million square meters of apartments which would have been sold to third parties.