Asian Hotels and properties in expansion drive

AGREEMENT: Asian Hotels and Properties Limited entered into an agreement with the Board of Investment to set up an expansion unit at Galle Road, Colombo 03.

The Crescat City development was granted BOI flagship status in 1994, and has since signed further expansion agreements for both apartment developments and hotel refurbishment. ‘Crescat Residences’, the first apartment project embarked upon by the company within the 11.5 acres of prime real estate development known as Crescat City, is now fully sold.

AHPL considers the excellent support extended by the BOI as part of its success.

Currently the 15th largest quoted company in Sri Lanka, in terms of market capitalization, Asian Hotels and Properties Limited (AHPL), has approximately 85% of its shares owned by John Keells Holdings. The company owns and operates a large number of hotels and property development projects.

The second apartment tower, The Monarch, is currently under construction, was sold within 11 months of commencement of sales. The market positioning of The Monarch was at a premium level, and this was reflected in the pricing. Following closely on the success of The Monarch, the Company launched its third residential apartment tower on this site - The Emperor. The envisaged investment on this project is approximately Rs. 4.1 billion. The development will soar to a height of 35 storeys and comprises of approximately 170 super luxury apartments.