Platinum1 launches Sri Lanka’s first 5-star managed apartment investment

From left: Platinum Realty Director Chiranjeeva Samarawickrama, Platinum Realty Managing Director Kishore Reddy, Platinum Realty Director Gaurav Swarup, Platinum Realty Chairman Subba Rao Dukkipati, Kingsbury Chairman Mohan Pandithage, Kingsbury Managing Director Lalin Samarawickrama, Hayleys Head – Strategic Business Development Manohari Abeyesekera, Hayleys Head – Group Legal Darshi Talpahewa and Hayleys Group Legal Suguna Sridevan

Having consistently raised the bar in the condominium and luxury living industry in Sri Lanka, Platinum1 has yet again launched a value added service that is proving to be a game changing innovation in the Sri Lankan real estate market. 

The launch of the Platinum1 Investment Proposal 2015, which brings with it unparalleled homeowner benefits and a financial security and investment appreciation guarantee, is a first of its kind innovation made available to discerning potential owners of the properties high-end units. 

The investment proposal includes – among a host of other benefits – 5-star hotel management by The Kingsbury for the entire building, with a guarantee that the exacting standards expected of a 5-star establishment will be maintained throughout, in all areas. 

The proposal also offers a function by which an investor can purchase a unit and lease the apartments of Platinum1 to The Kingsbury, which is backed by the Hayleys Group, earning a guaranteed minimum return of 5% in US dollar terms of the total investment, while the unit is maintained wholly by its 5-star management. 

The investment plan also allows the investors to pay a part of the total price of the unit, lease it for 10 years to the 5-star management and divert the earnings to settle the balance payment, which is being secured through a banking product. 

The Kingsbury Hotel PLC Managing Director Lalin Samarawickrama speaking on the role the leisure arm of The Hayleys Group will play in the management of Platinum1 explained: “Hayleys will be making an investment into managing the Platinum1 apartments, comprising 66 apartments of which 40 apartments will be managed by the Kingsbury and the rest sold outright to owners.”

Explaining the method of running the property, Samarawickrama pointed out that they would provide a guaranteed return to the owners, as the Kingsbury would assist in renting it out if necessary as well.

Speaking on the proposal, Platinum Realty Managing Director/CEO Kishore Reddy explained: “The Platinum1 culture is that of innovation and leading-edge thinking. We have already presented a host of forward thinking, technologically advanced features and solutions both in terms of our construction and design as well as how we approach the management of Platinum1. The investment proposal is an ideal route for potential homeowners to take that will guarantee them high returns on investment, guaranteed maintenance of our exacting standards and a luxurious, fully owned property at the end of their investment term. Additionally, the property will appreciate in value due to its location on Bagatale road in the heart of Colombo, its proximity to the Galle Road and the 5-star management and maintenance provided by the Kingsbury.”

Speaking further on the benefits to the customer, Reddy said, “In its essence the proposal makes it possible for the investor to own a unit by paying less than 100% of the total cost, while having it maintained to a 5-star benchmark for a decade. In addition to the construction and design elements we offer our investors the additional security of having a Provisional Condominium Plan. This acts as a further assurance for investors that construction will proceed upon the stipulated standards and scheduled to be completed by the end of 2015.” The investment proposal launched by the company brings into play a myriad of factors designed to best benefit investors. With handovers scheduled for end 2015, the investment proposal makes it possible for investors to own their own unit free and clear as soon as the end of this year and start generating an income by early 2016.

Since the building is owned on free hold land and not on a leased property, ownership of a unit in Platinum1 is a lifetime and generational investment – made all the more attractive by the benefits included in the investment proposal.  Since the launch of the residential units in January 2013 Platinum1 is the only project that has reached completion amongst all the projects launch during the same period in Colombo.

Platinum1 Head of Sales and Marketing Hemanthi Wanigasekera speaking on the development of the building and the group’s plans for its future, said: “Platinum1 was conceptualised to offer nothing but the best and highest standards of luxury. In terms of location, construction, design, interior decorating and maintenance – we have constantly focused on maintaining and constantly raising these expectations. Our plans for the future are simple, to continue to be the front runner in the development and delivery of the most lavish, luxurious living spaces – in the most exclusive of locations. 

“Our investment plan is in many ways an extension of this promise. Not only will it be possible for our investors to own a unit at less than 100% of its sale value, but they can also have it maintained – for a decade. All in all, this in an unprecedented offer in the Sri Lankan real estate market and we are proud to have been able to make it possible for our investors.”

As a further aesthetic offering to residents, the interior design of the apartments and common areas of Platinum1 is handled by the globally renowned British Architect RIBA Sir Ian Jennings of PANARCH in partnership with award-winning Sri Lankan architect Kumudu Munasinghe, who conceptualised the design of Platinum1 in such a way that walking into the mini lobby on the ground floor will guide residents and visitors to the recreational area consisting of the pool, gym, Sri Lanka’s first ice cold plunge pool, sauna, spa, fine dining restaurant on the mezzanine, dining area on the pool deck, function/business room, lounge and bar all of which are managed and serviced by The Kingsbury.

Together, they have combined the best of international design standards blended with local art and décor options to create an overall view worthy of the prestigious ‘Number 1, Bagatale Road, Colombo 03’ address.