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