• 67% of apartments handed over; 60% occupancy rate in office tower

The Cinnamon Life Integrated Resort is on track to launch by mid-2024, with 67% of the apartments sold and handed over and a 60% occupancy rate in its office tower, despite ongoing interior works in the main building housing the hotel, retail, and entertainment components.  

Speaking to The Sunday Morning Business, John Keells Properties (the real estate arm of John Keells Holdings) Head Nayana Mawilmada stated that the Cinnamon Life Integrated Resort comprised two residential towers known as ‘The Residence’ and ‘The Suites,’ along with an office tower, all of which had already been handed over and were currently occupied. 

The only remaining component is the main building, which will house the hotel. Construction of the main building is currently in its final stages and is expected to be finished by mid-2024.

“Construction in the main building is in very advanced stages and we expect to complete it next year. All exterior works have been completed and we are currently finishing the interior works,” he stated.

Responding to queries from The Sunday Morning Business, John Keells Holdings PLC Vice President/Head of Sales and Marketing (Property Development Sector) Nadeem Shums revealed that 67% of the floor area in both residential towers had been sold thus far and that occupancy in the office tower already stood at 60%.

“From the 24 floors in the office tower, HCL Technologies took up 10 floors with the option of taking up another 10 floors. Thus far, they have not exercised this option. Four floors have been taken by certain local corporations,” he said. 

Regarding the implementation of gaming operations at the Cinnamon Life Integrated Resort, Mawilmada commented that discussions were currently ongoing with renowned international gaming operators to lease space within Cinnamon Life for such activities. 

He emphasised that the involvement of John Keells Holdings would solely be limited to leasing out the space and that it would be the responsibility of the gaming operators to obtain the required gaming licences.