Colombo, Sri Lanka, February 2020 – Capitol TwinPeaks, the 50-storey twin-tower mixed residential development under the Sanken Group, continues construction for delivery in 2021, amidst several hardships faced by Sri Lanka’s real estate and property industry.
With the announcement by Ceylon Chamber of Commerce (CCC) – Import Section, Chairman, Delano Dias that the import restrictions on nonessential items that were expected to be lifted or see some relaxation in 2021, will remain the same, major property developments around Sri Lanka continue to face significant challenges in completing projects due to shortages of raw materials for construction.
However, Capitol TwinPeaks continues to work strategically, beating the odds at every turn. Having achieved major construction milestones of the development, prior to the initial nation-wide lockdown, the project continues to circumvent the current shortages and restrictions faced by a large proportion of the industry. This is largely due to Sanken’s deep roots stemming from the Japanese – Mitsui group, which inculcated strategic planning to deliberately ensure the continuation and success of the TwinPeaks project, as the Sanken Group pre-ordered raw materials much ahead of the scheduled requirements – which we now see the project reaping the benefits of.
Speaking with Capitol Towers (a subsidiary of Capitol Developers), Managing Director – Rohana Wannigama, stated: “The Sanken name is synonymous with timely delivery and high-quality construction that rivals international projects. Due to Strategic forward-thinking and necessary planning, the project forges ahead, working towards apartment handover starting from end June 2021. ”
With both contractor (Sanken Construction) and developer (Capitol Developers) being members of Sri Lanka’s premier construction giant Sanken Group and Singapore’s P&T as its architectural design partner, Capitol TwinPeaks is set to stand as a landmark amidst landmarks.
Concluding, Wannigama stated: “The project offers an elite lifestyle, at the heart of Colombo 2, with international quality standards being met. We are mindful of the timing and how it affects return on investment, given the times we continue to face. We aim to expedite the remaining construction work in order to meet this need.”
Offering 40,000 sq ft of amenities and facilities, the project embodies the harmony of real estate excellence achieved by the group. Working in tandem with the international architectural firm, Capitol TwinPeaks is a product of construction, design research and expertise of the Sanken Group and is aimed at providing higher rental yields and capital gains for investors through an optimal product mix and unit price.