The Prime Minister Mahinda Rajapaksa,
made a brief impromptu visit to the country largest integrated mixed development
project, Cinnamon Life construction site earlier yesterday, where he met with John
Keels Holdings (JKH), Chairman, Krishan Balendra.
Cinnamon Life is an integrated development spread over 10 acres and includes a 800 room 5-star Cinnamon Hotel, 427 residential units, shopping and entertainment space.
$850 million mixed development project is set for opening in the second quarter next year.
The finishing works of the ‘Cinnamon Life’ Residential and Office Towers were nearing completion whilst the interior works of the Hotel and Retail space are on-going.
JKH estimates a total revenue of $250 million from the sale of the residential apartments and 10 floors of the commercial office space of the ’Cinnamon Life‘project, which would be recognized post the hand-over of the sold units on commencement of operations.
JKH has employed 32 percent of the Group’s effective capital in the project.