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08 February, 2016 09:22 AM Source: Financial Times - Sri Lanka
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Hong Kong-based leisure group Shangri-La Hotels and Resorts confirmed that One Galle Face Residences had reached 50% sales since its launch in May last year, a senior official said.

“The post launch response of investors and buyers has been excellent. Our sales gallery had very frequent visitors from all walks of life. In terms of our apartment sales, we have reached 50% and are  also looking at more prospects coming in on a daily basis. The majority of the sales are from local investors, but there is also a good size of foreign buyers as well,” Shangri-La Deputy General Manager Rajiv Garg told the Daily FT.

One Galle Face, the upscale contemporary collaboration of Shangri La Hotel, Residences, Office and Retail project, will be completed by end 2018 with a total investment of $ 608 million.

 “The project completion is divided into three phases. We are planning to open the hotel by the end of next year, followed by the next phase every six months and we hope the entire project would be completed by end 2018,” he noted.

Noting that there is steady pace of construction taking place currently, he added that right now their focus was on the apartment sales. The Residences at One Galle Face consists of twin tower 50-floors and are tailor-made for discerning investors with 406 residential units and 16 penthouses, offering eight duplex and eight simplex units. 

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