Sri Lanka’s Waterfront Properties (Private) Limited, the subsidiary controlled by John Keells Holdings PLC (JKH) last week announced that the construction of its mega mixed-use development project, which commenced at the latter part of last year, is set to complete in 2019 and provide direct employment to a minimum of 7,000 people.
This 4.5 million square feet Integrated Resort branded Cinnamon Life, located at Justice Akbar Mawatha in Colombo and consisting of an 800-room luxury Cinnamon hotel, avant garde experiential and entertainment haven, residential apartments, office spaces, conferencing, theater and banqueting spaces, is likely to be pivotal in boosting MICE tourism into the country.
“This mixed development project is Sri Lanka’s largest private sector investment. Cinnamon Life, with its vibrant and inspired concept, is a project of significant national importance and will become the epicenter of modern South Asia,” said JKH Deputy Chairman Ajit Gunewardene at an event held last week.
He said the integrated resort concept will attract investors, high-end brands, leisure and business travelers and local populace who will be compelled to be part of its unique contemporary ethos.
“This project will generate numerous benefits for the economy and the community. More importantly, Cinnamon Life will engender a sense of pride to be Sri Lankan as it will signal the march of the country towards a vibrant future,” he articulated.
Meanwhile, President of the Property Sector of the JKH Group, Suresh Rajendra said that 40 percent of the first residential tower already been booked. The property is to comprise of two apart mental complexes with 450 residences.
“John Keells will be replicating its successful guaranteed rental scheme which was operational at both its Emperor and Monarch projects. A similar scheme with a fixed guaranteed annual return for a limited number of apartments for a limited period will be available for Cinnamon Life. Another attractive feature is the state-of-the-art, 24 storey office space, half of which will be operated by the developers themselves and the remaining will be sold on an outright basis,” the company said in a statement.
The property is being designed by internationally renowned Architect, Artist and Engineer, Cecil Balmond while a consortium of contractors headed by Hyundai Engineering and Construction are the contractors for the project.