Premier Pacific building converted to Sheraton Hotel

According to the Sunday Times on 13th May (http://www.sundaytimes.lk/120513/BusinessTimes/bt02.html), the partially built apartment complex in Colombo 3 which was to be known as 'Premier Pacific' has been bought by the Sheraton Hotel group and is in the process of converting it to a 360 roomed luxury hotel.

The Premier Pacific already had 12 floors of the 21 storied building completed before downturn and low interest halted the work in 2010, which began in 2004.

India’s ITC now finalises deal, Sheraton moves to Kollupitiya

The Board of Investment (BOI) signed an agreement with Kolkata-based ITC for a mixed development project opposite the Galle Face Green, while contrary to reports of the five star Sheraton hotel being established at this site, its building is now seen rising in the heart of Kollupitiya -- through a different party.

The international luxury hotel chain Sheraton under the Starwood Group was introduced through Lanka Hotels and Residencies (LHR) on May 4 when both parties signed the agreement in the presence of Treasury Secretary Dr. P.B. Jayasundera with its location set right next to the “Carnival” ice cream parlour at Kollupitiya and opposite the popular Indo-Ceylon Café.

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(Sunday Times)

Latest Sri Lanka House Price Index shows mixed patters

The latest house & land Price Index published by LankaPropertyWeb.com shows a mixed pattern with commercial and house prices dropping slights and Apartments enjoying a boom in the price with land values. 

However the Colombo house prices have bucked the trend and continue to increase further. 

Another noticable observation from the stats is that the house and land values in the Northern Province has fallen.  Could this be the end of the Northern province property price boom or just a seasonal blip? We'll have to wait till the next quarter results are out to know for sure. 

The full stats can be found at: LankaPropertyWeb Sri Lanka House Price Index

Lanka Property Watch Staff