Asian Hotels kicks off firm sales on new condominium, the Emperor

May 26, 2006 (LBO) – Sri Lanka’s Asian Hotels & Properties Ltd, a unit of conglomerate John Keells Holdings, said Friday that they have started apartment sales based on floor plans of its new condominium complex. “We have now got the floor plans of each unit to sell. Earlier we got bookings based on the concept of what we intended to build,” JKHs Deputy Chairman, Ajit Gunawardena told LBO.

Estimated at around 40 million dollars, 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 per square foot start from 200 dollars for the lower floors and goes up to around 250 dollars for the 5,000 square foot feet presidential suite.

Meanwhile, Asian Hotels says they have completed the first tower, ‘The Residencies’ at Crescat City, while the second tower, ‘The Monarch’, is scheduled to be finished by mid-2007.

All 195 apartments of ‘The Monarch’ have been sold.

JKH is currently Sri Lanka’s largest hotel operator commanding over 1400 rooms spread over 13 hotels, incl