CT Properties launches GS Towers in Kotahena

NEW PROJECT: CT Properties Ltd, launched their latest venture into the property development market, with a traditional ground breaking ceremony of the GS Towers. The Towers which is the first of its kind in the area, is a commercial, entertainment and residential complex to be situated at Kotahena, and will have two towers featuring 36 levels and 30 levels respectively.

The new complex is to be located at the intersection of George R. De Silva Mawatha and K.B. Crysty Perera Mawatha with easy access to main roads out of Colombo. Boasting spectacular views of the Colombo Harbour, Sea and Colombo city, this apartment and commercial complex features 240 spacious apartment units of varying sizes, along with many shops, offices, cinemas, function halls and other amenities.

The residential area also features recreational facilities such as swimming pool, club house and gym which will be exclusive to apartment owners.

At a cost of around Rs. 4.2 billion the proposed towers has a gross floor area of 620,000 sq. ft. While individual apartments will have floor areas from 1,100 to 1,550 sq. ft, the duplexes will be more spacious from between 2,000 to 2,800 sq. ft.

CT Properties has entered into an agreement with the Board of Investment (BOI) for this project. A number of highly qualified and dedicated consultants with many years of experience in Sri Lanka and overseas will come together to put this project together. Building Design (Private) Limited will be the architects for the project, led by Gemunu Perera, who was also the Architect for the HNB Towers project.

Deputy Chairman/Chief Executive Officer of CT Properties Raj Selvaskandan has said that, "Our main aim is to target the population of Kotahena and other surrounding areas, along with professionals, business owners and expatriates who are seeking a secure investment, by offering individual apartments at a targeted selling price of Rs. 16 million, and upwards. The complex is expected to be completed in early 2010.

We believe that a structure and destination such as the GS Tower would add immense value to Kotahena and the immediately surrounding areas".

CT Properties is part of the Ceylon Theatres Limited group of companies.

The Group is classified as a diversified conglomerate and includes nine Quoted Public Companies. It has interests in food and beverages, retailing and distribution, properties, entertainment, ceramics and porcelainware, financial services, plantations and packaging.

The Group is now long established in the field of property development, with ownership of prime properties.

The first such development of the Group was the Majestic City shopping and office complex situated in Colombo - 4, through the subsidiary - CT Land Development Ltd.