Sri Lanka’s Kingsbury to manage apartment complex

Oct 16, 2015 (LBO) – The Kingsbury plc , a five-star city hotel in Colombo, has signed a management agreement with Platinum real investment limited to manage its Platinum1 apartment complex for a 10 year time period, the hotelier said in a filing to the stock exchange on Thursday.



Platinum 1 is a 20 storey apartment complex located at Colombo 03, comprising 66 apartments plus 4 penthouses.

The complex also has facilities such as a swimming pool, gym, spa and a restaurant.

With the new agreement, the property would be branded as “Platinum 1 by Kingsbury” on the theme of “promise of luxury”, catering to the growing demand of luxury serviced apartments in the city of Colombo.

The agreement would come into effect from 01^st April 2016 for a period of 10 years, the company said. The Kingsbury comes under the umbrella of diversified blue chip conglomerate Hayleys group.





Platinum1 is a real estate venture by Platinum Realty Investments, a BOI registered Sri Lankan company with more than 30 million US dollar of capital investment from Sri Lankan investors and Foreign Direct Investments from Paharpur Mauritius Ltd, a fully owned subsidiary of the Paharpur Cooling Towers and Pragnya Fund, a Mauritius Based Equity Fund.