Sri Lanka JKH Plans Rs 6.5bn Condo Project in Colombo's Union Place

19th October 2010, www.lankabusinessonline.com

Sri Lanka's John Keells Holdings is planning a 6.5 billion rupee condominium project in Colombo's Union Place which will be built by a newly incorporated company in the group, top officials said.

"We are looking at a condominium in Union Place," deputy chairman Ajit Gunewardene said.

"It is certainly something we are working on."

The project will be on group property in Union Place where the head office of Singer Sri Lanka are located.

At one time JKH was also planning a project across the street with Associated Motorways, which is now owned by the Dubai-based Al Futaim group.

Suresh Rajendra, president of JKH's property sector, said the company is awaiting government approvals for the project.

The planned three-tower condominium block will cost 6.5 billion rupees.

It will have 470 units with construction expected to start at the end of the first quarter of next year.

"The response from the market has been good," Rajendra told LBO.

The company will start marketing the apartments as soon as official approvals are obtained.

Apartments could go up 35 million rupees at the top end.