Rush for Union Place units even before BOI agreement


Word leaked out almost three weeks ago that the John Keells group was planning to launch its third residential apartment complex at Union Place, Colombo 2 following the success of two other projects on the grounds of the Cinnamon Grand Hotel.

"There was a clamor of interest and people came round and put their names down," a senior JKH executive said yesterday. "The pricing is very attractive." The new complex which the developers describe as "mega luxury" is estimated to cost over US$ 65 million with its 475 apartments being priced from between Rs.14 million for a two-bed roomed unit at the lower levels to Rs.37 million for a three-bed roomed apartment at the highest level.

JKH which signed an agreement last week with the BOI for this project named "OnThree20" said construction will begin in April 2011 and is scheduled for completion by the end of 2014.

The Emperor, the second residential complex that is now being constructed on the Cinnamon Grand property, is due for completion in 2012. Apartments there have almost been fully sold.

As buyers put up the cash for their apartments while building work proceed, the cost of construction is not a drain on the developer’s resources.

The Union Place property on which the newest project will rise was acquired by JKH in the 1980s at a fraction of today’s value and has been held by the company over a long period of time.

The headquarters of Singer (Sri Lanka) is located in the buildings standing on the site which will most likely be demolished.

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