JKH invests Rs 2b on apartment complex

BY SHIRAJIV Sirimane

SRI LANKA'S tallest apartment building, 'Emperor', apartment complex would be built by John Keells Holdings Ltd in Colombo 3.

The building would consist of 35 floors with 175 apartments and construction would commence early next year. It would also include a presidential suite.

The group primarily into leisure, IT, transport, plantations and property development would own 70 percent for the project would be found through pre sales. He said that their first 194-apartment project Monarch, also at the Crescat City, has been already sold out.

"This was a Rs. 3.5 billion investment and we have almost recovered this investment Joint MD John Keells Group, Ajith Gunawardene said.

"The group is confident that there would be the same response for this project since the demand for apartments are growing in Colombo," he said. He also said that the project would be completed in 52 months.

Gunawardene said that with the success of Monarch and demand from would be buyers and the present economic situation in the country has driven them for this investment.

John Keells Holdings Ltd would be going back on their planned investments due to tension in the North East. "Once again we have pre-sold over 50 of the apartments to both local and foreign buyers," he said.

The tower complex would be built by their subsidiary Asian Hotels (Pvt) Ltd and P& T of Singapore would design it. The tower would de developed within the 12-acre property in Crescat City at an undeveloped land in that location.

The group recently re-branded their hotels under the Cinnamon brand and re invested Rs. 2.1 to refurbish and re brand the Colombo Plaza as Cinnamon Grand last month.

The John Keells Holdings Ltd would next re brand Trans Asia as Cinnamon Lake next year while some of their other hotels in Sri Lanka and Maldives to would come under the new branding.

Sri Lanka will also see its tallest building, the 45 storied Celestial Residencies being completed in 2007 while construction also began on the Havelock City, which would include an eight block condominium.

In addition London based investor Phylix Selvadurai will also construct the second phase of the Global Towers at Colombo 6 while several other up market residential complexes have commenced construction.