Carsons invests Rs. 700m on 'Metropolis' housing project

Carson's Real Estate Management (CRE) will construct Sri Lanka's largest condominium complex outside Colombo in Mount Lavinia named Metropolis.

The Group, which has diversified into real estate will invest Rs. 700 million for the Mount Lavinia project and for two other apartment projects in Kotte and Athurugiriya.

The 221-apartment complex at Templer's Road Mount Lavinia has been designed by Singaporean architects to meet international standards.

The groundbreaking ceremony for the project would be held next year and the complex completed in two years.

"We would be finalising construction in January," Marketing Manager of CRE, Dominic Karunaratne said.

Christened Asia's Newest City, Metropolis in Mount Lavinia is a massive undertaking that it will be rolled out over two phases with a total area of over six acres. Building on approximately 30% (900 perches) there would be a total of 524 apartments many of them featuring ocean views.

He said that the condominium market is growing and the prices are increasing. "It's a myth to say that there are too many apartments in Colombo. According to the inquiries we have received we are confident that the project would be a sell out," Karunaratne said.

He said the fact that a new player in the real estate such as CRE investing Rs. 700 million is a clear indication the confidence investors have in the economy.

He said unlike other apartment complexes they are targeting a mixed clientele for this project and is offering apartments ranging from one room to Penthouses.

"We are targeting middle and high income families as well as business and expatriates," he said.

The complex will also have restaurants, cafes, pools, gyms (with sauna facilities), a spa and even a medical centre with a doctor on call 24-hours .

There will even be an executive lounge for added convenience.

Other highlights of the complex include around-the-clock security through CCTV systems and resident only access through control cards.

There will also be a recreational area for families to enjoy outdoor park type activities, jogging tracks as well as wide roads for improved vehicle access Carson Cumberbatch PLC is the holding company of a diverse group of businesses.

(SS)