The US$ 50 billion Indian Tobacco Company (ITC) has invested approximately US$400 million in its first overseas property located centrally overlooking the Galle Face Green in Colombo tipped to become the next most talked about address in town to live in with a swim-in sky bridge linking the hotel and residences. Still under construction the [...]

Business Times

ITC Colombo: Penthouse condo at $10 million

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The US$ 50 billion Indian Tobacco Company (ITC) has invested approximately US$400 million in its first overseas property located centrally overlooking the Galle Face Green in Colombo tipped to become the next most talked about address in town to live in with a swim-in sky bridge linking the hotel and residences.

Still under construction the ITC property is scheduled to open in 2021 as an organic building comprising 50 floors of 132 apartments and likely to be similar to its One Hyde Park in London and marketed as a top end luxury residence, the company’s realty partner Sotheby’s International Realty Sales and Marketing Director Charles Phillpot told the media during a tour of the property on Friday.

The 55 metre wide sky bridge between the ITC Hotel and the Sapphire Residences would comprise two infinity pools that would measure the length of the bridge, it was noted. The hotel would have a helipad.

He explained that apartments range from US$1.4 million to US$10 million, the last one for only 19,000 sq. ft. residence. The property comprises 11 two bedroom apartments, 18 three bedroom apartments, 67 four bedroom apartments and 30 five bedroom apartments. The $10 million condo is probably the most costliest in Colombo today.

ITC has selected French interior designer Philippe Starck to give a different outlook to its residences that boasts of the views and a blend of space and natural light.

WelcomHotels Lanka Managing Director Arun Pathak said that investing in Colombo was right now the “best time” compared to all other national capitals in the region.

He pointed out that in the region Sri Lanka is considered to have the best potential to grow and in this respect there would be an appetite to take up all the 132 apartments.

About one-and-a-half months back, ITC had commenced marketing their residences in Colombo and they were certain of at least selling 15-20 per cent of their apartments, he noted.

Moreover, Sri Lanka is considered to be unique in its offerings as it gives foreigners freedom to buy apartments in the country – something that was not available even in India, it was pointed out.

The Sri Lankan property would be part of the 14 hotels on the super premium luxury hotel branding currently available in India that are marketed as their top end luxury hotels.

Purchasing an apartment would allow the buyer to have a freehold on the property although the land has been leased out to ITC for 99 years.

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