Colombo, March 9 – More than half the units in the luxury apartment and hotel complex Shangri-La Hotels and Resorts is building in the Sri Lankan capital Colombo have been sold, an official said.
“The buyers are a mix of investors like Sri Lankan diaspora and international investors,” said Rajeev Garg, deputy general manager of Shangri-La Sri Lanka Colombo and Shangri-La’s Hambantota Resort & Spa.
The apartments start from US$800,000 for the smallest, a 1,700 square foot three-bedroom unit, he told a news conference held to showcase the accommodation and facilities on offer at the mixed development property known as One Galle Face, the EconomyNext reported.
The Hong Kong-based group broke ground for its new US$450 million mixed used property in Colombo on 10 acres of government land in February 2012 and is targeting to open the complex later in 2017.
Located between the Galle Face green promenade and Beira Lake, the 390 apartments offer uninterrupted views of the Indian Ocean, said Neluka de Alwis, head of residential sales and marketing of Shangri-La Hotels Lanka (Pvt) Limited.
“This is the best land bank on this stretch, surrounded by water bodies,” she said. “We have given the maximum focus to the views from the property.”
It includes a Grade A office tower, shopping mall, a range of restaurants, meeting facilities that will be among the largest in Colombo, with over 4,500 square metres (48,438 square feet) of function space spread over three floors, fitness centre, spa, pools and outdoor tennis courts.
Shangri-La also has a second property, a 300-room resort on about 145 acres of land in Hambantota, on the southern coast of Sri Lanka.