Singapore investor S P Tao has launched the second phase of its mixed use development Havelock City in the heart of Colombo in Sri Lanka.
Located on a 17-acre prime land within the Colombo City, the US$350 million Havelock City is a joint venture between the owner of World Trade Centre, Colombo – Overseas Realty (Ceylon) PLC and the Bank of Ceylon. It’s the single largest real estate investment project to be completed by 2013.
According to the ORC’s chairman Tao, the first residential phase comprising 226 apartments on 22 levels is now complete with 65 per cent of it has been sold.
As reported in The Sunday Times Sri Lanka, the residential development has been divided into three phases, which would comprise six towers of between 22 and 29 storeys housing around 800 exclusive apartments. In addition, a 25-storey commercial tower, covering an area of 500,000 sq ft, will also built to integrate the largest and most modern shopping mall, offices and hotel with the Sama Viharaya integrated into its forecourt at street level.
When completed there would be eight apartment towers consisting a total of 1,080 apartment units.
“In three years, Colombo’s skyline will change. It will be simply not the skyline that will change, but the way of life for Colombo that will also change. Havelock City is our prime focus and what we see now is opportunity for urbanisation of cities which will naturally add fillip to our business,” said Tao.
These freehold apartments are available for sale at prices ranging from RS20 million (US$180,310) to RS40 million (US$360,620), while the rentals range between US$1,000 to US$2,500 per month.
source - www.property-report.com
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