The proposed “OnThree20” luxury residential apartment complex
Premier blue chip John Keells Holdings (JKH) further signalled it is also upbeat on post-war Sri Lanka’s property sector by kicking off its biggest venture in the segment – building a 475 luxury apartment units complex in Union Place with an investment of US$ 65 million.
The Board of Investment (BOI) agreement to this effect was concluded yesterday with Chairman J.D. Bandaranayake and JKH Chairman Susantha Ratnayake along with Deputy Chairman Ajit Gunewardene functioning as signatories.
Ratnayake told the Daily FT yesterday that the business climate and timing was right to embark on what is billed as JKH’s biggest venture in the residential apartments sector. He also said that the move follows success achieved in two of its previous initiatives “The Monarch” (with an estimated investment of $ 30 million) and The Emperor ($ 40 million). “Even prior to the official launch of the sale, the response from the market has been tremendous with interest expressed for over 50% of the units,” Ratnayake said.
He added that buyers stand to gain from the stylish design and luxury features of the apartments, attractive pricing, unique proposition in terms of financing options.
Official selling is expected to start next week whilst the construction is scheduled to commence in April 2011 with completion planned by the end 2014.
The project named “OnThree20” (on account of its premises number down Union Place – the area currently housing Singer Sri Lanka and some of JKH Group offices) will be encompassing two acres or 320 perches.
The apartments inclusive of usual luxury amenities will be priced ranging from Rs. 14 million for a two-bedroom unit at the lower levels to Rs. 37 million for a three-bedroom apartment at the highest level. The floor area ranges from around 900 square feet to 1,350 square feet with options for amalgamation. The location, in the heart of the city of Colombo affords convenient access to the Central Business District, all leading schools, hotels, shopping areas etc. The complex has been designed to meet the life style needs of today’s discerning customer.