As Colombo’s population increases, so does the national interest in vertical living. The capital appreciation rate of luxury apartments in Colombo is estimated to have exceeded 10% in recent years,emphasising the preference of Sri Lankans to invest in real estate over other assets and The Residences at Colombo City Centre are a prime example of a modern investment opportunity.
“Nearly 70% of all residential units have already been sold,” said CFO of Colombo City Centre Devadharshan Jayadeva, “In addition to the growing high and middle income urban Sri Lankan residents, a number of professional Sri Lankans living abroad have also invested in our residences.
We also recently returned from the UK where an international sales campaign generated a significant amount of interest among potential buyers.”
Featuring 2-bedroom apartments, 3-bedroom townhouse style residences, and 4 or 5-room penthouses which begin from the 18th floor, The Residences at Colombo City Centre guarantees panoramic views for every resident from its prime location.
A 7% rental guarantee for 2 years adds a promising dimension to these investments, while the project is also able to offer a higher internal rate of return (IRR) due to its integrated offering, which includes the establishment of Sri Lanka’s first international shopping mall.
Colombo City Centre is Sri Lanka’s first BOI-approved mixed development project, slated for completion in early 2019. The USD 180 Million joint venture between local retailer Abans, and Singapore-based Next Story Group is one of Sri Lanka’s largest foreign direct investments in recent times and rises 47-storeys above the city centre. The Colombo City Centre has been honored as the ‘Most Promising Mixed Use Development’ by CMO Asia, ‘Asia’s Greatest Brand’ by AsiaOne Magazine and ‘Upcoming Mall of the Year’ among several other accolades by the Golden Globe Tigers.
Colombo City Centre is a multi award-winning skyscraper with the first integrated lifestyle complex of its kind including Sri Lanka’s first international mall with high-end brands, a 700-seat food court and 6-screen multiplex cinema, the upscale NEXT Hotel® with 164 keys, and 192 luxurious residential units.