JKH’s Union Place apartment complex ready by end 2014View(s):
John Keells Holdings (JKH) will complete its 36 story, Union Place apartment complex by end 2014, officials said.
“We plan to complete construction of ’320′ as it will be called by 2014. It will have 470 apartments,” Ajit Gunewardene, Deputy Chairman, JKH told the Business Times. He said that JKH is currently at the development stage of its 10-acre Glennie Street project where its head office is housed. “We are engaging with designers, potential contractors and the authorities in relation to this project,” he said.
Mr. Gunewardene noted that the business hotel coming up at Greenpath in Colombo is set to enhance its brand portfolio in hotel management. JKH is the largest private land owner in Colombo with 25 acres of free-hold land at prime locations in the city and more than 120 acres (excluding existing hotel lands) outside Colombo. Mr. Gunewardene added that a significant portion of this city land portfolio presents immense potential for value-unlocking and JKH is currently in the planning stage for developing these sites. Leisure arm of JKH mainly consisting of Asian Hotels & Properties (AHPL) and John Keells Hotels (KHL) contributed to about 26 per cent of JKH’s top line and 39 per cent to JKH’s bottom line during the last quarter (ending December 2012) under review.The leisure sector top line has seen a 33 percent year on year increase to Rs 5,594 million in the last quarter and the bottom-line has increased about
35 percent year on year to Rs 1,220 million during the same period. AHPL’s bottom-line grew 19 per cent year on year during the last quarter. Analysts said that KHL saw a dip of 22 percent year on year in earnings in the last quarter due to escalated operating expenses coupled with higher finance costs for its new projects. (DEC)
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