December, 13, 2019
With the reviving economy, there has been a significant surge in demand for the luxury homes asset class in the metropolitan cities. However, there is a shortage of luxury developers in Sri Lanka, chief marketing officer of The One Transworks square, Jaideep Wahi said while addressing an event organized to celebrate their achievement at The PropertyGuru Asia Property Awards 2019.
“Sri Lanka has only few luxury developers in the country and I have to reiterate that Transworks square is the only branded residence here in Sri Lanka, which has majored in terms of surveys and quality of delivering. So at that level, you find only one or two developers here in Sri Lanka. It is actually a shortage of suppliers as we go ahead," Jaideep said.
"With the Port City project now progressing there would be new demand for high-end apartments like Ritz-Carlton Residences. There would not be an oversupply. This is a different level of branding. So we won’t have an oversupply of that,” Executive project manager and Managing director of QServe, Prof. Chitra Weddikkara said.
Meanwhile, Chief Executive Officer and Director of The One Transworks Square, Janaki Siriwardhana said the One Transworks square tower will be completed within three years.
“When completed it would be among the top 6 tallest buildings in South Asia,” Siriwardhana said.
Comprising The Ritz-Carlton Residences - Colombo, The JW Marriott hotel and The One Residences, The One - Sri Lanka is a tri-tower US$ 560 million mixed-use development project.
The 80-floor Ritz-Carlton Residences - Colombo, having already completed 42 floors will be the first of the three towers to be completed by December 2021. These freehold residences will be serviced and managed by Marriott International, the owning company of The Ritz-Carlton hotels.
The 77-floor JW Marriott hotel tower is scheduled for completion in December 2021, as well. The tower will house the country’s first JW Marriott hotel.
Projected to be the tallest tower in South Asia upon completion in 2025, The One Residences tower will comprise 92 floors (reaching 376m in height), and offer residential.