Sep 23, 2015 (LBO) – Sri Lanka’s blue-chip John Keells Holdings said that its 850 million US dollar mixed development project “Cinnamon Life” has already started selling apartments in its integrated resort under the concept of live, work and play.
“We call it a city-within-a-city which will have office space, shopping, dining, entertainment, playing area, apartment and a 5-star hotel,” Ajit Gunewardene, deputy chairman of John Keells Holdings, said.
“They can live eat and work within this.”
“Locals and tourists need a destination to gather and enjoy themselves when they work, live or play and Cinnamon Life will be their playground.”
“The integrated resort concept will attract investors, high-end brands, leisure and business travellers and local populace who will be compelled to be part of its unique contemporary ethos.”
Cinnamon Life is a 4.5 million square feet integrated resort consisting a 800 room luxury hotel, large high end retail mall, luxury residencies, state of the art office space and convention, ballroom & banqueting space, which was previously branded as “Waterfront project.”
The project is expected to be completed by 2018.
“Our view was that Colombo would be the modern capital of South Asia, the next Singapore that would be created in Asia, and we wanted to be part of that,” Gunewardene said.
“And this this project will be the centre of gravity of this new growth sector of Colombo,”
“Also it will be a marketing tool for the country.”
He said the new project will generate 7,000 – 8,000 direct jobs and may also create up to 50,000 indirect employment opportunities.
“None of these jobs going to be in minimum wage,” Gunewardene said.
The project main building, shaped like a guard stone, is built with two residential towers which will have 450 apartments.
Suresh Rajendra, President of the John Keells Property Group, said that 40 percent of the first residential tower is already booked.
“John Keells will be replicating its successful guaranteed rental scheme which was operational at both its Emperor and Monarch projects. A similar scheme with a fixed guaranteed annual return for a limited number of apartments for a limited period will be available for Cinnamon Life.” Rajendra said.
“Another attractive feature is the state of the art, 24 story office space, half of which will be operated by the developers themselves and the remaining will be sold on an outright basis.”
Gunewardene said the project targets to capture the meetings, incentive travel, conventions and exhibitions market (MICE) in the region.
He said the project will have a facility to have conference for 4000 delegates at any given time.
“Our view was that Asia was going to be the growth engine for the next 30 to 40 years,” he said.
“We are placed right at the centre of this zone.”