Colombo City Centre, a 47-storey 1,000,000 square feet mixed lifestyle centre, combines a 210,000 square feet retail mall, a 196-roomed NEXT Hotel and 178 residential apartments on Sir James Pieris Mawatha, Colombo 2. Piling for the building has already been completed by San Piling (Pvt.) Ltd and construction is expected to begin shortly, with the main contractor targeted to be appointed in August.
The project is being developed by Colombo City Centre Partners (Pvt.) Ltd, a joint venture between Abans Sri Lanka and SilverNeedle Hospitality, Singapore, founded by the investment firm Nadathur Group, owned by Nadathur S. Raghavan, co-founder of NASDAQ-listed Infosys Technologies.
This collaboration between Abans, as a reputed Sri Lankan conglomerate and Silver Needle Hospitality has established a connection between local and international partners which provides a level of comfort for investors.
Nearly 70 percent bookings have been received for the apartments and deposits continue to be received for these bookings with the smaller two-bedroom apartments practically sold out shortly after launch, attesting to the confidence investors have placed in the project and its developers. There has also been a good demand for the three-bedroom units both of which face the Beira Lake and the ocean beyond.
Colombo City Centre Partners (Pvt.) Ltd is also pleased to advise that it has received approval for a financing package through a consortium led by Bank of Ceylon supported by People’s Bank and Hatton National Bank.
Spanning from basement to the third floor, the five-storey lifestyle retail mall will be on par with malls in Dubai and Singapore where Sri Lankans have much shopping experience. The mall will feature cinemas, supermarket, a food court with both local and international cuisine, games and recreational activities and for the first time in Sri Lanka, will offer an enjoyable experience for the entire family.
Already retail planning and securing of tenants is in process and this is being handled by Hong Kong-based HUSBAND Retail Consulting, which in fact is at the final stages of securing an anchor tenant for the mall.
Prospective operators of the cinema facilities have also already made presentations. Above the mall will be the car parks with separately demarcated area for the apartments, the mall and the hotel.
Floors up to the 19th floor will be the NEXT Hotel, the flagship brand of SilverNeedle hospitality who recently launched a Hotel in Brisbane, Australia in October 2014. NEXT Hotel will cater mainly to the professional and leisure needs of the business traveller and will be equipped with modern technology including ‘keyless’ entry to the rooms through mobile phones.
Floors 20-47 will be the residences at Colombo City Centre, consisting of two, three, four and five-bedroom units of sizes varying from 973 sq. to 4898 sq. and prices ranging from US $ 330,000 to US $ 2 million. With the residence floors commencing at a high level due to the mall and the hotel below, residents will be guaranteed panoramic views of the city and the coastline. While enjoying the sea view, residents will not be directly subject to the damaging effects of sea breeze as the building is located at a distance from the coastline.
All building regulations have been conformed to, including the most currently relevant aspect of earthquake resistance. Further, investors can expect good capital appreciation and rental return. They will also receive freehold title to their apartments.