25 August 2022 10:10 am Views - 855
Capitol TwinPeaks recently announced that 03 internationally recognized restaurant concepts will soon be opened at the Sky Level of both towers at the Complex.
Capitol TwinPeaks won a global accolade in 2020 and was recognized for Best Luxury Mixed-Use Development and Best Luxury High Rise Architecture in the international Luxury Lifestyle Awards 2020. Success repeating itself, Capitol TwinPeaks has once again been recognized in the category of Best Luxury Mixed-Use Development in the international Luxury Lifestyle Awards 2022. For more information on the international Luxury Lifestyle Awards visit https://luxurylifestyleawards.com/.
The Sanken Group successfully completed construction of this super structure in October 2021. The project was granted COC in February 2022 and the complex was launched in March 2022, enabling residents to occupy their new home. Sanken has built a reputation for delivering worthy products on time and within budget, whilst maintaining the highest standards of quality. The group continues to develop unique and innovative products and its staunch credibility is what has consistently given confidence to Sri Lankan and Overseas investors alike.
Being part of the same family, the contractor / developer synergy between Capitol Developers and Sanken Construction has allowed for the avoidance of disputes which generally lead to delays and increased costs. The TwinPeaks Lifestyle Complex is a tier one product and the prices have remained unchanged since December 2018. Whilst the majority of apartments have been fitted out, the few unfitted out apartments will be sold at a new and appropriate price point.
In a focus group discussion among industry leaders on ‘Navigating the Storm - Construction and Real Estate Industry in Sri Lanka’ hosted by RIU on 31st May 2022, the president of the Chamber of Construction Industries Sri Lanka Mr. Ranjith Gunathilaka shared that construction material cost has increased by 200%, cement by 95%, steel by 115% and concrete by 90%. Mr. Gunathilaka also stated that 60% to 70% of material cost is affected by the US Dollar.
The illustration below is an example of the impact this has on the construction industry.
Let’s say, 65% of the construction material cost is affected by the US Dollar. If the construction material cost for an existing product was $100, $65 was the cost of imports. Since construction material cost has gone up by 100% on average, total replacement costs for the same imports will be $130 today.
The impact of the rising cost of construction has been noticed in other international markets as well. An article published by The Times UK stated that ‘Costs are going through the roof, and that’s especially bad news for builders’. To read the article, visit https://www.thetimes.co.uk/article/costs-are-going-through-the-roof-and-that-s-especially-bad-news-for-builders-8jp99f6mw.
Capitol TwinPeaks provides Sri Lankan and overseas investors the opportunity to own tomorrow’s product at historic prices. TwinPeaks offers an international standard of living in the heart of Colombo City’s central business district, where convenience and accessibility is a given and residents’ will essentially spend more time living.
If any new project is to be launched today it will be a minimum of four years before delivery, and it is very unlikely for any new tier one projects to be launched in the near future due to the current financial instability. If Capitol TwinPeaks were to be constructed today, it would cost in excess of 100% more. As a result of this reality, TwinPeaks is in a very competitive position and will be highly sought after in the years to come.
Capitol TwinPeaks is located in the heart of Colombo’s central business district and is walking distance to leading hospitals, schools, entertainment, dining options, shopping malls, cinemas, places of worship and tourist attractions. The Complex is walking distance from the popular Park Street Mews and is neighboring the Beira Lake and Nawaloka Hospital in Colombo 02.
The Model Apartments at Capitol TwinPeaks are open 7 days of the week.
For more information, visit www.capitoltwinpeaks.com