Carsons invests Rs. 700m on 'Metropolis' housing project
Carson's Real Estate Management (CRE) will construct Sri Lanka's
largest condominium complex outside Colombo in Mount Lavinia named
The Group, which has diversified into real estate will invest Rs. 700
million for the Mount Lavinia project and for two other apartment
projects in Kotte and Athurugiriya.
The 221-apartment complex at Templer's Road Mount Lavinia has been
designed by Singaporean architects to meet international standards.
The groundbreaking ceremony for the project would be held next year
and the complex completed in two years.
"We would be finalising construction in January," Marketing Manager
of CRE, Dominic Karunaratne said.
Christened Asia's Newest City, Metropolis in Mount Lavinia is a
massive undertaking that it will be rolled out over two phases with a
total area of over six acres. Building on approximately 30% (900
perches) there would be a total of 524 apartments many of them featuring
He said that the condominium market is growing and the prices are
increasing. "It's a myth to say that there are too many apartments in
Colombo. According to the inquiries we have received we are confident
that the project would be a sell out," Karunaratne said.
He said the fact that a new player in the real estate such as CRE
investing Rs. 700 million is a clear indication the confidence investors
have in the economy.
He said unlike other apartment complexes they are targeting a mixed
clientele for this project and is offering apartments ranging from one
room to Penthouses.
"We are targeting middle and high income families as well as business
and expatriates," he said.
The complex will also have restaurants, cafes, pools, gyms (with
sauna facilities), a spa and even a medical centre with a doctor on call
There will even be an executive lounge for added convenience.
Other highlights of the complex include around-the-clock security
through CCTV systems and resident only access through control cards.
There will also be a recreational area for families to enjoy outdoor
park type activities, jogging tracks as well as wide roads for improved
vehicle access Carson Cumberbatch PLC is the holding company of a
diverse group of businesses.