Kingsbury signs Management Agreement with Platinum Realty

The Kingsbury PLC, the luxury five star city hotel in Colombo, has signed a Management Agreement with Platinum Realty Investments (Private) Ltd to manage its Platinum 1 apartment complex.

Platinum 1 is a 20 storey apartment complex located at No.1, Bagatalle Road, Colombo 3, comprising of 66 apartments plus 4 penthouses. The complex would have other residential amenities on the 4th floor- with a swimming pool, spa, gym, and restaurants.The property would be branded as “Platinum 1 by Kingsbury”, on the theme of “promise of luxury”, catering to the growing demand for luxury serviced apartments in the city of Colombo, the hotel group said.

More>>

(Source: Sunday Times)

Krrish to break ground for mixed development project soon

Indian real estate company Krrish Group will break ground soon for its long-delayed US$650 million mixed development project at Transworks House in Fort as the company has received the approval of the Urban Development Authority (UDA) last week to go ahead, local Krrish officials revealed.

The local company Krrish Transworks Colombo (Pvt) Ltd, a subsidiary of Indian real estate company Krrish Group, will launch construction of the proposed first and second phases of the project within the next two months, they said.
The company has paid Rs.4.4 billion out of the full lease payment of around Rs.5 billion to take over the 4.3 acre land on 99 year lease.

More>>

(Source: Sunday Times)

Sri Lanka to sign new deal with China Port City

Sri Lanka will sign an amended agreement with a Chinese company that is reclaiming the sea near Colombo, involving the Urban Development Authority with a committee tasked to make changes to the deal.

Sri Lanka has already granted a six-month extension to a temporary agreement signed with Sri Lanka Ports Authority and the CHEC Port City Colombo (Pvt) Ltd.

More>>

(Source: Sri Lanka Mirror)

Sri Lanka to see oversupply in the luxury property market

Supply is set to overtake demand at the high end of Sri Lanka’s residential property market, with a series of large-scale projects under way in and around Colombo.

The supply of luxury apartments in the commercial capital could reach 6000 units by 2018-19, according to a recent report by the Research Intelligence Unit (RIU), up from 783 in 2009 and 2657 this year.

More>>

(Source: OBG)