From left to right – Timothy Wright, Vice President (Operations) for the Shangri-La Group in Sri Lanka and Sanjeev Nair, Senior Director – Facilities and Property Management, JLL
In a first for the commercial real estate industry in Sri Lanka, the Shangri-La Group — one of the world’s premier developers, owners and operators of hotel and investment properties — has appointed JLL (NSYE: JLL) as its exclusive leasing agent for the One Galle Face Tower (OGFT), located in the heart of Colombo.
With the country setting itself aggressive foreign direct investment targets in 2021, the need for premium Grade ‘A’ office and commercial real estate from both domestic and foreign establishments is expected to intensify. JLL, with its operations in over 80 international markets, can pair its local market knowledge with its access to global multinational relationships and capital sources to better tap on the real estate inventory in Colombo, Sri Lanka.
Inaugurated in 2019, OGFT comprises approximately 531,000 square feet of luxury Grade ‘A’ office space spread over 38 almost column-free floors. OGFT is the only ready-to-move-in Grade ‘A’ office building in Colombo built to Green Mark Gold standards and offers landlord-operated flexible office options and meeting facilities specifically for its tenants.
Home to world-renowned banks, financial institutions and MNCs, OGFT provides corporations ease and convenience as it forms part of the larger One Galle Face development that comprises of the One Galle Face Mall, The Residences at One Galle Face and Shangri-La Colombo.
Timothy Wright, Vice President (Operations) for the Shangri-La Group in Sri Lanka, said, “We are excited to enter into this first-of-its-kind partnership with JLL, which we believe would be transformational for Colombo’s commercial leasing sector. One Galle Face Tower is among a small inventory of Grade ‘A’ commercial real estate here in the country. The variety of real estate solutions we can deploy, coupled with our trademark brand of hospitality for our clients, makes us a very attractive proposition for companies looking to upgrade their existing locations and move into premium buildings.
“Paired with JLL’s reputation as one of the top global real estate brokerages representing and advising some of the world’s leading multinational companies on their real estate needs, we believe we are well poised to attract additional new names to Colombo’s premier office address.”
“Our research shows that the latest real estate trends focus heavily on building quality, health and safety of employees, and a collaborative work environment. We are, therefore, very excited to represent Shangri-La due to the high-quality of asset, with premium amenities and advanced security features, having high potential to attract a prime tenant
mix. As their exclusive agent, we will provide Shangri-La with an end-to-end property leasing solution, from identifying the right tenant for the building to completing the lease execution process to the satisfaction of both the landlord and tenants,” said Jerry Kingsley, Country Head – Sri Lanka, JLL
“JLL has global experience and local knowledge, topped with an excellent track record in leasing transactions for premium Class A assets. The expertise of our team will ensure that the client has a seamless leasing experience from start to finish. We believe that the current tenant mix of OGFT and high market acceptance of the asset, backed by the developer’s exceptional regional track record and JLL’s global and local leasing expertise, will ensure this collaboration bears fruit and become one of the landmark partnerships contributing significantly to transforming the commercial real estate industry in Sri Lanka,” he added.
JLL first established operations in Sri Lanka in 2011. In the years since, the firm has garnered a reputation of combining local market knowledge with its access to global multinational relationships and capital sources, to provide Sri Lankan corporates, government agencies and clients with superior execution, towards transforming their real estate portfolios into efficient inventories, as well as in raising capital for real estate assets. JLL has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2021 World’s Most Ethical Companies.
Altair on track
`Altair’, the iconic building in Colombo – Sri Lanka is designed by Celebrity Architect Moshe Safdie based in Boston, USA. Moshe Safdie has designed many famous iconic structures including the famous Marina Bay Sands with Sky Garden in Singapore. `Altair’ is in the league of iconic buildings of the world, such as Burj Khalifa, Petronas Tower, Marina Bay Sands, Shanghai Tower, The Parc 1 Tower in Seoul – South Korea, ICC Building & Bank of China Tower in Hong Kong to name a few.
The project `Altair’ was launched by South City Group in Colombo in the year 2013. Due to construction related complications, force majeure reasons and an unfortunate ownership related dispute, the project has been delayed. However, South City Group has expressed with much pleasure that the Group is back in the helm of the real estate project with 100% control. Most importantly, the project is progressing well and will be ready for handing over in the next few months.
The spokesperson of South City stated that that they are getting utmost support and cooperation from the Government of Sri Lanka for completing the project. President Gotabaya Rajapaksa has appointed Mr. Sirinimal Perera, the Special Authorised Officer to steer the project towards its successful completion. South City group is also receiving steadfast backing from the esteemed customers and the project is on track to deliver what it promised since inception. The rich experience of South City Management with a huge knowledge bank will be able to soon create another landmark in Sri Lanka which will be one of the top landmarks in the world.
Altair’ is an architectural marvel and consists of two vertical tower blocks, one straight tower and another stepped tower which is in slope and leaning to the straight tower. The project is in the prime area of Colombo facing Beira Lake as well as the Indian Ocean. The finishes of the project are on high calibre, with Italian marble, wooden flooring, central air-conditioning, hot water supply and super luxurious sanitary fixtures. Additionally, there is a Resident Club on the fifth level with a garden around it and on 63rd level with the swimming pool and other recreational facilities.
The apartments have been booked by the Crème de la crème of Sri Lanka’s social fabric, HNI and a noteworthy number of overseas residents from the Sri Lankan diaspora. Notably, ‘Altair’ a is the biggest FDI investment in Colombo for real estate to date. Altair is a symbol of a successful foreign investment and a show-piece for the Sri Lankan Government to attract further investment in Sri Lanka.
A cheering campaign to support Team Sri Lanka at TOKYO 2020
ICL Brands’ Eva lived up to its’ promise of ‘Leading with Confidence’ by partnering with the National Olympic Committee of Sri Lanka (NOCSL) as the Official Cheering Partner for Team Sri Lanka at TOKYO 2020, Olympics. The brand initiated a massive communication campaign, centered around the ‘Official Cheering Song’ to drive Sri Lankans to rally around Team Sri Lanka and support the 9 athletes that bear the pride of the nation at TOKYO 2020.
The launch of the ‘Official Cheering Song’ took place at the Capital Maharaja Group head office with the participation of Sri Lanka’s very own Olympic Silver Medalist, Susanthika Jaysinghe, NOCSL Women’s Committee Chairperson, Niloo Jayatilake, NOCSL’s Executive Committee Board Member, Fazil Hussain and Chethika Rajapaksha, Marketing Manager for ICL Brands. Amidst the other guests who graced the occasion were Sunil Kanojia, Group CEO – CMG, Shanthi Bhagirathan, Group Director – ICL Brands, Rakesh Khosla,CEO – ICL Brands and others.
The event was live streamed via multiple social media platforms simultaneously, reaching out to a wide audience and kicking off the cheering campaign officially. Eva’s campaign to cheer for Team Sri Lanka will continue throughout the period of TOKYO 2020 Olympics on multiple media platforms.
Susanthika Jayasinghe who graced the occasion as chief guest praised the initiative ”’I am extremely happy to see the brands of highest caliber such as Eva coming forward to support Sri Lankan athletes at Olympics. As an athlete who has represented and won for Sri Lanka on the Olympic stage, I know how much this means to our athletes in Tokyo right now”.
Sri Lanka Development Bonds auction held during July 20-27, 2021
Date of settlement July 30, 2021
An issuance window for SLDBs will be opened with the announcement of the auction results until close of business of day prior to settlement (i.e., preferably by 3.00 pm on 29.07.2021) at the Weighted Average Fixed Rates determined for respective maturities at the auction, up to the limit specified for possible upsizing, at first come first served basis. Applications for subscription through the issuance window are to be forwarded to ‘firstname.lastname@example.org’ within the stipulated time period.
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