ECONOMYNEXT – Sri Lanka’s John Keells Holdings group said it plans to build a second high-rise luxury apartment block after the success of the first one, half of whose floor space has already been sold.
Pre-bookings for ‘The Suites at Cinnamon Life’, the second residential tower to be built as part of a 4.5 million square foot integrated resort by JKH unit Waterfront Properties (Private) Limited, have exceeded 15%, a statement said.
The 196 apartments in the second residential tower, which will rise 39 stories to a height of 136 meters, are priced at US$400,000 upwards.
Construction of the US$850 million integrated resort project is by a consortium of contractors headed by Hyundai Engineering and Construction.
It includes an 800-room luxury Cinnamon hotel, a shopping and entertainment mall, office spaces, food and beverage outlets, ballroom, and conferencing, theatre and banqueting spaces with capacity for 5,000 people designed to cater to MICE (Meetings, Incentives, Conferences, and Events) tourism.
Suresh Rajendra, President, Property Sector of JKH, said the project is scheduled for completion in the latter part of 2019 and will be operational in early 2020.
Roshani Moraes, Executive Vice President, Property Sector of JKH, said over 50% of the floor space of the first residential tower ‘The Residence at Cinnamon Life’ has already been sold.
“Given our success with the first tower, we decided on the second tower,” she told a news conference.
“It’s almost like an investment tower. The two-bed roomed apartments will have the greatest demand for rental purposes. Apartments in our older properties have outperformed the market in rental returns and capital appreciation.”
Other properties of JKH’s property arm include the Monarch and Emperor at Crescat City; Onthree20; and its latest completed project, 7th Sense – Gregory’s Road.
Moraes said a 30-storey office tower is also planned which could be an investment instrument.
“We are offering investment opportunities in the commercial space, which thus far have been available only on a rental basis with the exception of one or two floors in other developments,” she said.
Krishan Balendra, President of JKH’s Leisure Sector, said the integrated facility will have the largest banqueting and conferencing facility in Colombo with the group targeting the MICE market.
“We running two five-start hotels – Cinnamon Grand and Cinnamon Lakeside and we know we don’t have conferencing and entertainment facilities for regional conferences or even very big weddings, for instance from India.”
(COLOMBO, Sept 27, 2016)