The US$ 500 million Sapphire Residences and ITC Hotel project in Galle Face is scheduled to be complete by 2020 .
A 100% subsidiary of ITC Limited India, Welcom Hotels Lanka (Pvt) Limited, Sri Lanka, is the developer of the facility which is now gaining momentum . This is the first time, ITC, one of the top five corporates in India, is investing overseas and this is also their second mega project. ITC One Colombo is also their first ever branded residential project.
The project is a mixed use development project of two tall towers on the Galle Face road, consisting of 135 units of high-end residential apartments in a 224-metre tall tower and a five-star hotel of 350 keys in another tower of 140 metres height.
The ITC One hotel and Sapphire Residences project has a unique feature of a Sky Bridge with a swimming pool at 100-metres height connecting the residential tower with the hotel tower. The construction work in the project is now in progress and already three basements used for car parks are nearing completion along with the show Penthouse apartments.
Managing Director, Welcom Hotels Lanka (Private) Limited, Arun Pathak said their objective was to develop a new icon for the country on this ultra-prime Colombo coastline that would be recognizable across the globe.
He said that the Colombo capital upmarket luxury residence prices are low compared to many other countries in Asia and this would be a major selling point. In addition the peaceful atmosphere, high quality of living standard in Colombo, freehold land for foreigners and mega development projects too were other selling points.The project when completed would generate over 800 employment opportunists.
Sri Lanka Sotheby’s International Realty Director Petar Petrovic said; “we will be reaching out to Ultra High Net Worth individuals worldwide with the unique proposition which is the Sapphire Residences and the development of the Colombo Port City would also bring in the high end clientele to Sapphire Residences.”
He said the company based in London set up over three centuries ago have to date sold over US$ 108 billion apartments in the world. “We hope to market around 20% of apartments by the end of this year and we expect the high demand for 3 and 4 bed room apartments.”
Over 60% of buyers would be from Sri Lanka, 20% from the diaspora and the rest from Dubai, Singapore, China and India.
Destined to become a globally recognised landmark for the city, the iconic design was the brainchild of a world-class international team lead by U.S. architectural firm Gensler and landscaping by Burega Farnell in Singapore. The project also includes several swimming pools, cinema, residents’ lounge and library, outdoor amphitheatre, full-service spa (with steam, sauna and treatment rooms), gymnasium and fitness centre, yoga room, squash court, indoor multi-purpose sports court, function rooms, ‘hobby’ studio, Teens’ and Kids’ lounges and a lawn play area.
Serviced from a dedicated central control panel in each residence, the system can also be controlled and managed from a tablet or mobile phone and voice recognition equipment can be integrated with the room controls and AV systems, allowing a superlative digitally controlled home automation experience. The hotel also will have a helipad the only one being built in the vicinity. ITC Hotels has developed and operates more than 100 hotels in over 70 destinations across the country, but the ITC One hotel and Sapphire Residences is the company’s first development in Sri Lanka.
The Sapphire Residences will be launched to the market in Q4 2018 by Sotheby’s International Realty. ITC Hotels is one of India’s largest luxury hotel chains offering comprehensive hospitality solutions through more than 100 hotels in over 70 destinations in the country. ITC’s hotel group operates under four distinct brands.
ITC Limited is one of India’s foremost private sector companies and a diversified conglomerate with interests in fast moving consumer goods, hotels, paperboards and packaging, agri business and information technology. With a market capitalisation of more than US$ 50 billion and Gross Sales Value of over US$ 10 billion, ITC has been ranked among the top 10 ‘sustainable value creators’ in the consumer goods segment globally by the Boston Consulting Group (BCG). In 2014, ITC was ranked as India’s most admired company by Fortune India magazine in association with Hay Group.
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