Foreign investment of US$ 500 million plus launched in Sri Lanka through the ‘The One’ project
The project to construct ‘The One’ – an ultra luxury, state-of-the-art, three towers comprising two luxury hotels, a luxury retail mall, a commercial office complex which will be the last word in corporate ambience and style, as well as 638 beautifully-crafted apartments, located on 4.3 acres of prime real estate – was launched in Sri Lanka this week.
An investment that exceeds US$ 500 million, ‘The One’ is to generate over 3,000 direct employment opportunities, while it is the intention of the shareholders to achieve a US$ 225 per day target, thus helping the Government of Sri Lanka achieve its efforts of positioning Sri Lanka as a ‘must go’ destination for the high-spending leisure and corporate traveller.
Addressing the media gathering which also marked the launch of ‘The One’s’ website, ‘The One’ stakeholder Alex Lovell has said that the demand for ‘The One’ was unprecedented.
“Even prior to the launch, the Ritz Carlton residential units have sparked phenomenal interest, both locally and internationally. Phase 1 is already sold out, while Phase 2 has had several pre-bookings.
This is extremely encouraging not just for us as developers but for the Sri Lankan economy as a whole.”
“As one of South Asia’s tallest buildings, ‘The One’ is waiting to transform your way of life and it is our intention to make ‘The One’ a landmark destination in Sri Lanka and the region,” Lovell has added.
The One Transworks Ltd. is the developer and stakeholder of the project, of which Zhogntian Construction Group – one of the top 10 developers in China – is one of the stakeholders. Construction of ‘The One’ commenced in September 2017 and Phase 1 is due to be completed in December 2021.
Others associated at the media briefing were The One Transworks Chief Marketing Officer Jaideep Wahi and Zhongtian Construction General Manager Sam Hu.
The apartments will range from 1,700 square feet to 4,000 square feet, comprising two to four bedrooms, with a square foot being priced at US$ 450 upwards.
The architects of the project is the CCDI Group, which has an outstanding history offering integrated professional services for urban regeneration developments, its most notable project being the Beijing National Aquatic Centre. The CCDI Group has offices in Shanghai, Chengdu, Sydney, New York, and 20 other cities in China and employs over 1,000 architects, engineers, planners and project managers as well as design and management consultants.
The construction, management and marketing of ‘The One’ are handled by the Zhongtian Construction Group, under the guidance of the Marriot. The Zhongtian Construction Group, which is one of the stakeholders of ‘The One,’ is a US$ 10 billion private construction group that integrates civil construction, real estate, property development, media, investment and education and is among the 50 top private enterprises in China.
OSL take:
‘The One’ project at an estimated cost of over US$ 500 million while heralding in a new dimension into Sri Lanka’s leisure, hospitality and retail marketing business, also portrays the level of foreign investor confidence in the island nation and the funds being invested for projects/businesses in Sri Lanka.
| Article Code : | VBS/AT/20180326/Z_2 |