- 93% of construction completed, 64% of apartments sold out
- Of 25 penthouses, six presidential suites already sold at $ 2.1 m each
- Rest of the penthouses priced at $1.5m each, apartment starting price $ 400,000
- 65% of buyers’ local investors, 25% expats and 10% foreign investors
By Charumini de Silva
Cinnamon Life, the city’s most iconic mixed-use development, has completed 93% of its construction to date, and is ambitious to redefine both Colombo’s skyline, while offering the epitome of inspired living.
Cinnamon Life will feature a five-star Cinnamon Hotel with 800 rooms, state-of-the-art 30-storey office tower, shopping and entertainment spaces, theatres, restaurants and premium residential apartments, which promises to offer exclusivity and luxury at every touch point.
“We are pleased to note that 93% of the structural work of Cinnamon Life has now been completed. We are pleased with the progress that has been made to date on this ground-breaking project, and you can now start to see the scale of the project changing Colombo’s skyline.
The office tower and residential towers are scheduled for completion in 2020, and work is well underway for the 800-roomed hotel and the mall, which is due for competition a few months later,” JKH Property Group Chief Marketing Officer and Executive Vice President Roshanie Jayasundera-Moraes told journalists in Colombo yesterday.
According to Jayasundera-Moraes, 64% of the total apartments have been sold out so far, to a mix of 65% local investors, 25% Sri Lankan expatriates, and 10% to foreign investors. In addition, she asserted that six $ 2.1 million presidential suites have been sold out already.
“In total we have 25 penthouses, out of which six are presidential suites priced at $ 2.1 million which have been sold out already, while the other penthouses are priced at $ 1.5 million. Most of the top and bottom apartments are sold out. The pricing for the residential apartments starts from $ 400,000,” she said.
Jayasundera-Moraes also said the integration of the Cinnamon Life office tower with the residential apartments will be an added advantage to create a demand for the property. “Most expats that will work at the Cinnamon Life office tower will prefer to live within the development. This will also enhance the rentals for the Cinnamon Life apartments,” she pointed out.
She believes that Cinnamon Life will not only transform the local real estate and business arena, but it will also put Sri Lanka on the map as an entertainment, travel, lifestyle, and MICE hotspot. “It will be one of the best locations to live in the heart of the city,” she added.
JKH Property Group Cinnamon Life will be the hub for MICE activity in Sri Lanka, with an eye-catching iconic development that will open a new segment for the tourism market, especially attracting the large MICE events from India. With its large banqueting and convention spaces across the development, Cinnamon Life could cater to up to 5000 people in total.
This will also lead to a good demand for short- to medium-term rentals for the residential towers - “The Residence” and “The Suites” at Cinnamon Life, located on either side of the hotel.
However, Jayasundera-Moraes also noted that it was important to have economic and political stability in the country to attract big ticket investments.