May 30, 2011 (LBO) - Sri Lanka's John Keells Holdings said it had managed to sell 60 percent of the apartments in a new high-rise property project work on which began only in May 2011.
The ‘OnThree20’ property project at Union Place in the heart of Colombo is expected to be completed by December 2014.
"Construction of the 475 apartments ‘OnThree20’ commenced in May 2011 with 60 per cent of the apartments sold off-plan with more bookings still to be finalised," JKH chairman Susantha Ratnayake said.
"The group will continue to look for opportunities to maximise the potential of its large land bank in Colombo and will look to expand it with the acquisition of sites with high development potential," he told shareholders in the company's annual report.
The property project targets the luxury market at the mid to upper middle class category, it said.
The project will be done by John Keells Residential Properties, a wholly owned subsidiary of JKH.
The report said that the increase in tourism with the end of the island's 30-year ethnic war, rising incomes and changes in lifestyles will increase the potential for retail and commercial developments and residential apartments.
"Sri Lanka is relatively under-priced compared to the region," it said.
"The property markets in Sri Lanka have hardened with prices for large blocks of land in Colombo city and suburbs increasing. A continuation of current interest rates could have a further positive impact on property prices."
source - www.lbo.lk
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