Ceylon
Theatres' mega apartments
Only two apartments on each level,
one penthouse per level
![](../images/complexl.jpg)
An
artist’s impression of a towering new apartment complex
that will come up on the site of the Empire Theatre, which
will be fondly remembered by many Colombo residents. |
Sri
Lanka's Ceylon Theatres Limited (CTL) group with extensive interests
in retail marketing, food, manufacturing, plantations and financial
services is investing heavily in real estate development with a
showpiece twin-tower apartment complex coming up on the Empire Theatre
premises.
The
Empire, among the older cinemas in the city, is not the only one
to be stripped down as the Ceylon Theatres group prepares to strengthen
core activites - retail marketing, financial services and property
development - as it continues to shift focus from its former flagship
cinema and entertainment business.
Other
cinemas scheduled to make way for shopping malls/apartment complexes
are the Sellamahal and Gaiety theatres in Colombo and the Regal
in Kandy. "We have been constantly asked about these emotional
but unproductive assets which we are holding on to for sentimental
reasons. We want to use these as stock-in-trades," says Anthony
A. Page, chairman of the group.
Driving
the group's real estate initiative is Raj Selvaskandan, a lawyer
with considerable experience in Hong Kong. Selvaskandan, also deputy
chairman and CEO CT Properties Ltd, said the Empire Apartments complex
worth 2.6-2.7 billion rupees is a never-seen-before-in-Colombo apartment
block catering to an upmarket clientele, prepared to spend anything
between Rs 20 million to Rs 45 million for an apartment.
He
said the one-acre complex would have two towers with each level
having just two apartments totalling 100 units. The twin towers
would have 33 and 37 levels, respectively. The complex with four
penthouses and a swimming pool will have four levels for parking
with the apartments over the parking levels giving a clear view
of the sea and Colombo city. There would be a big reception/lobby
area on the ground floor with landscaped gardens, a home theatre,
function room and a bar exclusively for residents and their guests.
Each apartment would have two parking slots because "our clients
would be those who have two or more cars," he said.
There
would be four elevators plus two service lifts for the complex while
the apartments have been designed in such a way to give separate
access to maids, drivers and other aides without using the main
door to the apartment. These range from 1,800 sq feet to 4,000 sq
feet - the size of a normal house.
"The
building is being aesthetically designed to blend with the city
and the environment," said Selvaskandan who has worked with
some top real estate developers in Hong Kong. Offers have already
come in for the four penthouses, each of which would occupy one
whole level.
Construction
is due to start in February and be completed in 26-28 months. Along
with this project, CT Land is also launching a self-contained township
at Piliyandala on a 20-acre block with 200 houses, a leisure centre
and restaurants. Says Page: "Group revenues are expected at
Rs. 16 billion this year with property development accounting for
a sizable segment." The group has 16,000 employees. |