Amidst Asian giant, China rising in attracting global mega property developments, one of Asia’s oldest real estate tycoons, Shing Pee Tao recently said that Sri L
anka has more potential to attract Middle East investors compared with China.“For Middle East to understand China it takes time and China to understand Middle East also takes time. But with me in the middle using a Sri Lankan company with a big piece of land that will be much easier,” Tao explained adding that one such initiative he started in the country was the mega scale Havelock City - a real estate project that could in turn attract more Middle East investors in future.
Shing Kwan Group founder S.P. Tao who has real estate investments in Indonesia, Singapore and China, flew from Singapore to Sri Lanka last week, to unveil and reactivate the next development phase of the country’s iconic US $ 350 million mega property - Havelock City that is built bringing in the concept of ‘City in City’ in the capital Colombo. The project is a joint investment by Tao’s Shing Kwan and banker’s to the nation Bank of Ceylon.
"This country is going to get better, and better and better," said 94 years old S.P. Tao, Chairman of Overseas Realty PLC, expressing his continuous and enthusiastic passion in investing in Sri Lanka at a time that country was facing a serious war against terrorism in the early 90’s when he took steps to build country’s then tallest twin structure, World Trade Centre in Colombo. Mr. Tao said that the investment for the project was never a question, and only the commercial viability of the project was at stake.
“Now that things are getting back to normal and with Sri Lanka poised to achieve economic prosperity, the project will be a significant one waving in other investors to follow my footsteps. What we now see is tremendous opportunity for urbanization of cities which will naturally add fillip to the real estate business” He said.“The peace that we now experience and the strong and stable government providing the leadership for fast track development of the country is a strong signal that the time is more appropriate for us to realize our property development potential of Sri Lanka and be ready. In three years, you will see the change in Colombo’s skyline” Tao noted emphasizing his to complete the Havelock City project within next 36 months time period.
Once completed, the iconic Havelock City will change the island nation’s skyline with 22 to 29 floor 8 identical towers and a commercial complex of two 25 floor towers, 500,000 square feet office space and 400,000 square feet space creating the most exclusive shopping-sphere with a hotel and a shopping mall in the Colombo city centre.
Envisioned to be completed by 2013 on a 17 acre land and an unique entire 9 acre garden that is constructed on a concrete deck above the car park sits on approximately 30 feet above ground is an innovative architectural and landscaping design technique which will house trees grown up to 30 to 45 feet creating a new green space in the heart of Colombo.With 226 apartments already complete, Tao stated that the three balance residential phases would comprise six towers of housing approximately 800 more exclusive apartments. "The nature and scale of development would be similar to those in Hong Kong and Singapore."
Piling for Phase Two has already been completed and construction of the towers would start during the first quarter of next year and pre sale of Phase Two is scheduled to commence early next year.
Officials of the Havelock City also added that designs for the four level 35,000 square feet clubhouse with its landscaped terraced rooftop is scheduled for completion before end 2011.
"The clubhouse would have more open terraces which seamlessly integrate with this roof garden, the thirty meter swimming pool and large pool deck," they said highlighting that it would also house function halls, a reading room, an audio/video entertainment center, squash courts, multipurpose rooms, an ultra modern gymnasium with spa facilities, an exercise room and day care center for the exclusive use of Havelock City residents. Almost 70% of the first phase apartments are sold out as per officials.
Speaking on the project Nirupa Peiris, Senior Manager-Sales and Marketing of Havelock City said that each tower has penthouses and normal 1 to 4 bedroom apartments starting from Rs.20 million per unit while residents are bound to pay a Rs.12.50 per square foot as a service and a management fee per month, which also includes the insurance premium charges of the apartment complex.
She said although there was a slow recovery in the real estate sales in the wake of global financial turmoil, the apartment prices at Havelock city have appreciated by a 30% since 2005 and that the company intends to sell its second phase apartment 10% higher than that of apartment unit value in the first phase that are housed in Elibank Tower and Park Tower.
Havelock Road will integrate the largest and most modern shopping mall in Havelock City while it will also open up access to 3 roads including Elibank Road via Skelton Road, Dharmarama Road via Peterson Lane and Mayura Place. On completion, Havelock City would be managed by Realty Management Services (Pvt) Ltd. which is a subsidiary of listed entity Overseas Realty (Ceylon) PLC.
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Developer Tao in Colombo to Present Final Phase of $350mn Havelock City Project
Mr Tao, thank you for being a good friend of this country. I wish our business people too would learn from you and provide great services to the country as you have been doing for so long.
ReplyDeleteYou are absolutely right. Mr S. P. Tao had been with Sri lanka through thick and thin. When we had a very bad time, even when his building was threatened, he kept faith in Sri Lanka.
ReplyDeleteWe wish you helath and long life Sir.
Premaratne