Dynasty Residence and Royal Palace to enhance Kandy’s skyline

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By Sarah Hannan GVR Lanka Ltd., identifying the potential socioeconomic growth in Kandy, is commencing a mixed real estate development project, which is also a first for Kandy, at the end of this month. Announcing its newest venture, the company hosted a media briefing at Hilton Colombo Residencies on Wednesday 6 November with the presence of clergy, dignitaries from diplomatic missions, project partners and well wishers. Addressing the gathering Chief Guest for the event Investment Promotions Deputy Minister Faizer Mustapha stated that investments and development projects of this nature confirmed Sri Lanka was unstoppable. “When we turn our focus on developments outside Colombo, we see a lot of potential. As a growing economy we need to attract confidence from businessmen so that they would invest their monies where there is profit. Since the end of war 60% FDI was brought in to the country by the current Government.” Boost for Kandy

Mustapha further said that Kandy needs to have a lot of activity and a project of this nature will not only uplift the lifestyle of people in Kandy but also boost the town’s social-economic growth. “Kandy’s environment has always being protected and as a person who was born in Kandy, I would personally like to see its environment to be continuously protected despite its rapid development. It is a relief to know that this project is environmentally-friendly and whilst developing Kandy you will also be concerned about its surroundings and environment. I am confident that investments of this calibre will take unstoppable Sri Lanka to greater heights.” Sharing his thoughts on the project Serendip Investment Group LLC and Interface Data Systems Inc Founder and GVR Lanka Ltd. Chairman Mahasen Samaravijaya stated: “We believe, with its location and luxurious amenities, the complex can be marketed as an ‘oasis of tranquillity,’ providing an unparalleled lifestyle experience to its apartment owners and hotel guests. A skilled team has joined GVR in materialising this project and are looking forward to delivering a hassle free architecture to our consumers.” The project This project launched by GVR Lanka will be the first-ever mixed development real estate project in Kandy. GVR Lanka is a BOI-approved real estate development company that was registered in Sri Lanka in January 2006 as a private limited company, with relevant Government agency approvals.

The company is based at IBM Building, Navam Mawatha, Colombo 2. It was founded by two Sri Lankan-born, US-based entrepreneurs, Mohan Chandramohan and Mahasen Samaravijaya, who acts as the current Chairman of the company. Located near the banks of the majestic Mahaweli River, the iconic project will consist of two phases. Phase I is a 15-storey, exclusive luxury residential apartment tower ‘Dynasty Residency’ made up of 86 units. The units include single, double and triple bedroom apartments and 10 units which include four-bedroom duplex-style sky villas, available in Sri Lanka for the first time. As another pioneering initiative, the ‘Dynasty Residency’ will also include four penthouses with access to their very own private sky gardens. Phase I will commence in November 2013 and is scheduled to be completed by October 2015. Phase II of the Development will comprise of a 21-storey, exclusive 4-star hotel ‘Royal Palace’. The hotel will include 156 luxury rooms and serviced apartments overlooking the breathtaking scenery of the hill capital. A health spa, banquet halls, a shopping arcade and rooftop restaurants will also be featured in this elegant property. Phase II will commence in April 2014 and is scheduled to be completed by August 2016, respectively. Once built, Dynasty Residence will be the tallest man-made structure in Kandy, with a host of amenities including: conference and banquet facilities, health spas, restaurants, pool, gymnasium, and roof top terrace restaurants with an additional panoramic view of 360 degrees. The developer’s main objective is to deliver high quality, hassle free and superior living conditions to the owners of the residential apartments and the hotel guests. GVR Lanka is the first to start a project of this magnitude in Sri Lanka whilst pursuing to retain a US Green Building Council’s LEED Gold Certification for it. The project will be managed by a team of experienced professionals from the management and hospitality sectors, to make sure every aspect of the project is authenticated by only the best in the industry. Unique features Located in the only designated area that ‘city planners’ in Kandy have allocated to build tall buildings. No other commercial land

available in the area for any future investments. Both these properties are currently freehold and owned by the company. Both properties feature breathtaking views of the surrounding mountains and the majestic Mahaweli River. The exit gate of the new Colombo-Kandy Expressway is located directly opposite the mixed development property. A special approval was obtained from the Board of Investment with a 12-year tax holiday and other incentives. Entitled to import construction related items and materials as approved by the Board free of Customs duty, during the project implementation period of 48 months from the date of agreement. Qualifies for an exemption from the payment of Ports & Airport Development Levy (PAL) on construction related items and materials during the project implementation period. During the project implementation period the project is entitled to VAT deferment for project related goods. During the tax holiday period of 12 years the project is exempted from the payment of Withholding Tax on Dividends (WHT). Further information about the amenities will be made available to apartment owners and resident guests visit www.dynastyresidence.com. Pix by Daminda Harsha Perera