Funds sailing out from the United States will strengthen Kandy's first mixed development real estate project which will cost US$ 45 million to complete.
GVR Lanka (Pvt) Ltd., a BOI-approved real estate development company, was founded by two Sri Lankan-born, US-based entrepreneurs, Mohan Chandramohan and Mahasen Samaravijaya. GVR Lanka said the two-phased project is estimated to cost over US$ 45 million and it is being funded by Serendip Investment Group LLC, based out of Phoenix, Arizona, USA.
The company said the down payments of residential apartment buyers were secured with these funds placed in a guaranteed account at Bank of Ceylon and Standard Chartered Bank, and would be released to the project, based on regular auditing by Ernst & Young.
GVR Lanka Chairman Mahasen Samaravijaya, is very positive about the whole project. "We believe, with its location and luxurious amenities, the complex can be marketed as an 'Oasis of Tranquility,' providing an unparalleled lifestyle experience to its apartment owners and hotel guests," said Samaravijaya.
The first phase of the project commencing this November would see the construction of the 15-storeyed 'The Dynasty Residency'.
This tower will have 88 units including single, double and triple-bed roomed apartments along with 10 three and four-bed roomed duplex-style sky villas, four penthouses with access to private sky gardens for the first time in Sri Lanka.
Phase Two will comprise 21 storeys, and would house a four-star hotel named 'The Royal Palace' with 161 luxury rooms and serviced apartments. The property will include a health spa, banquet halls, shopping arcade and rooftop restaurants.
GVR Lanka will develop this project in collaboration with RDC Architects Pte. Ltd., of Singapore, Green Technologies (FZCO) of Dubai,Davis Langdon KPK (an AECOM company), Sanken Construction (Pvt) Ltd., and MESAS International, Architect Ashley de Vos, Vasantha Ratnayake – Structural Engineering Consultants and Project Managers and Developers (Pvt) Ltd.
GVR Lanka is optimistic about completing the first phase of the project in October 2015 while the second phase will be completed by August 2016.
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