Financial Times

Ceylon Theatres' mega apartments
Only two apartments on each level, one penthouse per level

An artist’s impression of a towering new apartment complex that will come up on the site of the Empire Theatre, which will be fondly remembered by many Colombo residents.

Sri Lanka's Ceylon Theatres Limited (CTL) group with extensive interests in retail marketing, food, manufacturing, plantations and financial services is investing heavily in real estate development with a showpiece twin-tower apartment complex coming up on the Empire Theatre premises.

The Empire, among the older cinemas in the city, is not the only one to be stripped down as the Ceylon Theatres group prepares to strengthen core activites - retail marketing, financial services and property development - as it continues to shift focus from its former flagship cinema and entertainment business.

Other cinemas scheduled to make way for shopping malls/apartment complexes are the Sellamahal and Gaiety theatres in Colombo and the Regal in Kandy. "We have been constantly asked about these emotional but unproductive assets which we are holding on to for sentimental reasons. We want to use these as stock-in-trades," says Anthony A. Page, chairman of the group.

Driving the group's real estate initiative is Raj Selvaskandan, a lawyer with considerable experience in Hong Kong. Selvaskandan, also deputy chairman and CEO CT Properties Ltd, said the Empire Apartments complex worth 2.6-2.7 billion rupees is a never-seen-before-in-Colombo apartment block catering to an upmarket clientele, prepared to spend anything between Rs 20 million to Rs 45 million for an apartment.

He said the one-acre complex would have two towers with each level having just two apartments totalling 100 units. The twin towers would have 33 and 37 levels, respectively. The complex with four penthouses and a swimming pool will have four levels for parking with the apartments over the parking levels giving a clear view of the sea and Colombo city. There would be a big reception/lobby area on the ground floor with landscaped gardens, a home theatre, function room and a bar exclusively for residents and their guests. Each apartment would have two parking slots because "our clients would be those who have two or more cars," he said.

There would be four elevators plus two service lifts for the complex while the apartments have been designed in such a way to give separate access to maids, drivers and other aides without using the main door to the apartment. These range from 1,800 sq feet to 4,000 sq feet - the size of a normal house.

"The building is being aesthetically designed to blend with the city and the environment," said Selvaskandan who has worked with some top real estate developers in Hong Kong. Offers have already come in for the four penthouses, each of which would occupy one whole level.

Construction is due to start in February and be completed in 26-28 months. Along with this project, CT Land is also launching a self-contained township at Piliyandala on a 20-acre block with 200 houses, a leisure centre and restaurants. Says Page: "Group revenues are expected at Rs. 16 billion this year with property development accounting for a sizable segment." The group has 16,000 employees.

Back to Business