First tower of Ritz-Carlton residences with Ritz-Carlton Hotel to be ready for occupation by 2021
The first tower the Ritz-Carlton residences in Sri Lanka is scheduled to be ready for occupation by 2021. The US$ 500 million project is carried out by One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company.
The 80 storeyed 326 meter Ritz-Carlton Tower will house the Ritz-Carlton hotel and residences, reports state.
According to local media reports, the project will consist of three towers and will also feature South Asia’s tallest building at 376 meters in height and 92 floors and is scheduled to break ground by the end of the year.
The Company has stated that “THE ONE” project comprises a combination of offices and residences, a luxury retail mall, multiple storied car parks, a banquet hall, a collective of dining experiences including a sky bar, business offices and a helipad atop THE ONE to complete the canvas of opulence in the sky.
“With Colombo being home to South Asia’s tallest skyscraper, this region will experience not only opulence and exclusivity at its optimum but also the embodiment of contemporary architecture,” Sam Hu, General Manager of ZTDH Investment Company has been quoted as saying.
“These three iconic gleaming glass edifices covering 4.5 million square feet and located on prime real estate is surely a landmark achievement for the country. We have combined homes in the sky with services and facilities from the world’s finest hotels, unending luxuries embedded in every detail, unparalleled views and unique living experiences.”
This is a unique opportunity to own and associate with a globally renowned luxury hotel brand Ritz-Carlton. The product is so niche, only a handful of people have the right to call this home, Hu has added.
“THE ONE including the most iconic of all hotel brands featuring branded residences, “the heritage of legendary service and exclusivity becomes synonymous here. It’s about having a home defined by sophisticated style and luxurious finishes that’s all about attention to detail.”
The target of completing the first tower of the Ritz-Carlton residence in Sri Lanka by 2021 would present a great investment opportunity for foreign investors/businesses looking at investing in valuable real estate in the island nation. Also, the magnitude of the entire “THE ONE” project indicates the magnitude of the foreign investments and projects undertaken by foreign business entities in Sri Lanka. Apart from engaging in ventures such as THE ONE project, foreign investors/businesses could also look at setting up bases in Sri Lanka as the gateway to South and East Asian countries.
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