Sri Lanka’s Crescat Boulevard to move forward with major investments in refurbishment
Asian Hotels and Properties PLC (AHPP) has reportedly announced that it would be moving forward with major investments towards the refurbishment of Crescat Boulevard in Sri Lanka’s commercial capital, Colombo.
First opening its doors in 1997, Crescat Boulevard was a pioneering development at the time, and soon became an iconic location in Colombo and was the very first upscale retail hotspot in Colombo to offer a curated shopping experience featuring high-end international brands, side-by-side with local crafts, entertainment, and a melting pot of cuisines.
“The face of Colombo has seen such radical changes since Crescat Boulevard was first opened,” Nayana Mawilmada, Sector Head of the Property Group of John Keells Holdings who manage the property, told the local media.
“It has been 23 years since we opened our doors, and that is a very long run for a shopping mall. After this length of time, the building is in need of a refurbishment, one we have been putting off for some time. With all the new malls opening in Colombo, we also feel it is time to reconsider its competitive positioning as well.
“Naturally, we believe that more can now be done to take advantage of this property’s remarkable location and deliver value to our stakeholders. Our goal is to once again create a unique, high quality experience that can cater to the changing dynamics of an increasingly sophisticated market, thereby raising the profile of the city of Colombo itself.”
OSL take:
The major refurbishment of Crescat Boulevard is indicative of the confidence of local businesses that Sri Lanka’s economy would return to normalcy soon. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business and the many trade agreements as well as trade concessions enjoyed by the country have enhanced Sri Lanka’s value as a business hub in the South Asian region. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/10072020/Z_8 |