Asian Hotels and Properties PLC (AHPP) has announced that it would be moving forward with major investments towards the refurbishment of Crescat Boulevard.
First opening its doors in 1997, Crescat Boulevard was a pioneering development at the time, and soon became an iconic location in Colombo. It was the very first upscale retail hotspot in Colombo to offer a curated shopping experience featuring high-end international brands, side-by-side with local crafts, entertainment, and a melting pot of cuisines.
“The face of Colombo has seen such radical changes since Crescat Boulevard was first opened,” said John Keells Holdings Sector Head of the Property Group Nayana Mawilmada.
“It has been 23 years since we opened our doors, and that is a very long run for a shopping mall. After this length of time, the building is in need of a refurbishment, one we have been putting off for some time. With all the new malls opening in Colombo, we also feel it is time to reconsider its competitive positioning as well. Naturally, we believe that more can now be done to take advantage of this property’s remarkable location and deliver value to our stakeholders. Our goal is to once again create a unique, high quality experience that can cater to the changing dynamics of an increasingly sophisticated market, thereby raising the profile of the city of Colombo itself.”
In the interim, operations at Crescat Boulevard will continue as normal, with visitors being able to browse and shop until the end of December 2020, when the refurbishment project will commence.