Mahen Weerasekera, Chairman of the Sanken Group, the company behind the iconic 50-story residential towers, Capitol TwinPeaks, shares his take on the evolution of the real estate market and what makes Capitol TwinPeaks an attractive option for investors and housewives.
As we head into 2022, it will likely be another difficult year. How do you see the development of the Sri Lankan real estate sector in the coming year, especially in the luxury segment?
Various difficult decisions confronted us as we moved towards the completion of Capitol TwinPeaks. While Covid-19 has created an unprecedented profusion of challenges, the opportunities unleashed by investing in Capitol TwinPeaks are considered unique and unmatched in Sri Lanka. The future of real estate is positive and is among the best asset classes to invest in over the next five years, with returns far superior to those offered by banks on savings or term deposits. For this reason, we see more and more investors looking for opportunities in real estate. Where else would people put their money?
There are several other reasons why real estate is a worthwhile investment. The binding effects of the 2019 Easter attacks and Covid-19 mean Sri Lanka has an untapped tourist destination, so there is huge potential for tourism growth. The port city of Colombo will also open up new transformation opportunities by attracting large investors. For these two reasons, real estate will explode. Demand will drive up prices, compounding the effect of rising construction costs. Buying land and building a house will be inhibiting. So, anyone looking to live in the city will find Capitol TwinPeaks a compelling option in terms of affordability and lifestyle.
Typically, all over the world people are moving from old apartments to new apartments which have a higher rental capacity while older ones lose value. Developments such as the Capitol TwinPeaks will experience an appreciation in value for years to come. This is because we have created and designed innovative, futuristic and sustainable living spaces that meet the evolving needs of demanding people who always want more in life.
With over 80% of the 475 apartments in the 50-story Capitol TwinPeaks complex sold, can you tell us about this project and what sets it apart?
Capitol TwinPeaks is a lifestyle resort that offers futuristic living in downtown Colombo. It offers 40,000 square feet of luxury facilities and amenities for residents to live, work and play. Although this is a mixed development, with commercial services available at the entrance level and at level 50, Capitol TwinPeaks strictly maintains the privacy of its residents. It has a large entrance hall that exudes the comfort of space and maintains a separate service entrance.
The Sanken Group, with diverse business interests in nine countries on three continents, is responsible for the majority of high rise developments in Sri Lanka. We have successfully used this experience and wealth of knowledge to understand our customers and their evolving needs and wants, which rightly manifest themselves in Capitol TwinPeaks.
The architect, P&T Group Singapore, is an award-winning global design firm with over 150 years of experience, and Capitol TwinPeaks is one of three successful collaborations with her. They introduced optimally sized apartments that are beneficial to investors because they consume less energy, which translates into lower cost of living and less damage to the environment. Capitol TwinPeaks is also home to Sri Lanka’s tallest Sky Lounge and South Asia’s tallest Sky Bridge, both at level 50.
What makes Capitol Twin Peaks a worthwhile investment?
Located in the heart of the Central Business District, just 2 km from the port city of Colombo, Capitol TwinPeaks presents an attractive offering to investors and housewives. Being a Sanken Group project is an advantage because of the reputation and trust our brand enjoys. The property has everything for a modern and healthy lifestyle in its towers, close to a leading hospital, entertainment district, cinemas, restaurants and shopping centers, and within walking distance of major schools, from the beach and the Colombo fort.
What excites you most when you look at the emerging trends in Sri Lanka’s real estate segment?
It is always exciting to see new developments and innovative concepts presented in new projects. We’re starting to see new ideas and best practices in overseas markets, and it’s great because it shows that the market is growing, changing and maturing. The Sanken Group is also showcasing new concepts and innovations at Capitol TwinPeaks, and we’ll be announcing them soon.
How do you plan to unlock opportunities for the business and investors looking for real estate opportunities in the coming year and beyond?
As a long-term investor in this space, the Sanken Group believes in the value proposition of Capitol TwinPeaks in the years to come. And with this belief, the Sanken group has a good portfolio of investment properties in the pipeline for development in the future.