Shangri-La unveils US$ 500 m Galle Face apartments

Shangri-La Asia Executive Director and Chief Financial Officer Madhu Rao with Ministers Kabir Hashim and Ruwan Wijewardane and Eran Wickramaratne, Colombo Mayor A J M Muzammil and Director M Sajjad Mawzoon inspecting the architectural desingnss of Shangri-La Residencies at the launch in Colombo on Friday. Picture by  Sujith Kodithuwakku

Shangri-La Hotels and Resorts launched its luxury apartments in Colombo on Friday.

The project is part of its colossal US$ 720 million investment in two mixed development projects in Colombo and Hambantota.

“We have committed to invest over US$ 720 million to complete our projects in Colombo and Hambantota. This is a very large financial commitment by a foreign investor in Sri Lanka,”said Madhu Rao, Executive Director and Chief Financial Officer Shangri-La Asia Limited at the launch in Colombo. Under the project two 50-floor 194 meters high residential towers covering a floor area of 145,000 sqm comprising 406 residential units will be constructed with a target accomplishment in third quarter of 2017.

Rao said under the integrated development project with an investment of not less than US$ 600 million, a 540 key Shangri-La Hotel incorporating a 1,800 sqm ball room, 50,000 sqm retail mall and 125,000 sqm office space will be constructed in Galle Face.

The hotel is expected to commence business in the second quarter of 2017 and apartments ready by the last quarter of 2017, he said.

The facility will also consist of an exclusive residents club, a supermarket and cinema with world-class shopping and dining areas. An international grade A office tower is another dimension of the One Galle Face real estate development aimed at providing corporate clients the best Colombo has to offer in one perfect package of efficiency and elegance. “We are very excited to launch this project in a city as vibrant as Colombo, especially given its impressive tourism growth potential,” Residential Sector Sales and Marketing Head Neluka de Alwis said.

“The Residences at One Galle Face” is tailor-made for the discerning investor. As the first branded residential complex to be constructed in Sri Lanka it holds a unique investment proposition backed by Asia Pacific’s leading luxury hotel, resort and residential company.

z_p-ii-Shangri-La08_1.jpg
The Shangri-La hotel, shopping and office complex and the apartment complex once completed.

– See more at: http://www.dailynews.lk/?q=business/shangri-la-unveils-us-500-m-galle-face-apartments#sthash.bOzgQctn.dpuf

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