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Old December 29th, 2005, 02:26 PM   #1
serendib
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Pent Dreams

Pent Dreams


29 December 2005 11:34 hours


Sri Lanka's John Keells Holdings said Thursday, it plans to construct a US$ 40 million luxury condominium within its existing Crescat City property, a top official said.

Built through its subsidiary, Asian Hotels (Pvt) Ltd, the 35-storey tower will come up on a vacant 12 acre property adjoining the group's city five-star, the Cinnamon Grand.
Named the 'Emperor', the 175 apartment complex comprises two, three, four-bedroom, penthouse and a presidential suite.

Prices for a 1075 square feet two-bedroom starts at US$ 200,000 and goes up to a cool million dollars for a 5,000 square feet presidential suite.

"We are hoping to attract a mix of Sri Lankan and foreign people to take it up," Ajit Gunawardene, JKH's Joint Managing Director told LBO.

Construction is expected to start mid next-year once the paper work is cleared and 'sufficient' pre-sale bookings come through.

Gunawardene says around 50-percent has been pre-sold so far, based purely on interest spilling over from its half-built 30-storey Monarch condominium.

"We are bullish on Sri Lanka, despite the recent upsurge of violence," he said. "The site that we have selected is a city within a city, with a hotel and a mall. It's definitely the best address in town."

JKH, recently splashed US$ 21 million to upgrade Cinnamon Grand. It also owns another five-star city hotel called the Trans Asia.

The firm is presently Sri Lanka's largest hotel operator commanding over 1,400 rooms spread over 13 hotels, including the Maldives.

Besides tourism, John Keells Holdings has interest in financial services, transport, IT, plantations, property development and food and beverage.

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Old December 29th, 2005, 02:30 PM   #2
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Old December 29th, 2005, 02:32 PM   #3
Urban Dave
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I prefere The Monarch
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Old December 29th, 2005, 03:56 PM   #4
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Quote:
Originally Posted by Urban Dave
I prefere The Monarch

I too, looks nice!!
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Old December 29th, 2005, 07:38 PM   #5
serendib
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construction updates and photos of the construction of the monarch can be found at http://www.crescat.com/
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