$ 40 m luxury high rise

By Sanjeevi Jayasuriya

Platinum 1, a high-rise for residential and commercial purposes, will be ready by the end of 2013. The $ 40 m investment is a joint venture between Platinum Realty Investment (Pvt) Ltd and Indian-based Paharpur Cooling Towers Group and Mauritius-based private equity fund Pragnya Fund.

Located in Bagatale Road, Colombo, it is 140,000 square feet and will comprise four luxury penthouses and 66 aesthetically appointed residential apartments.

Pragnya and Platinum Director, T. Srinagesh said that Platinum 1 will cater to a high- end clientele. Seventy percent of the project investment is held by Indian investors while the rest is by a Sri Lankan.

The 20-floor, state-of-the-art building will comprise automated valet car parking slots, which will have the country’s highest density of parking based on number of units. The ultra modern penthouses spread across the top two floors have been designed with local architectural sensibilities and international style in mind.

The recent increase in seismic activity globally has also been taken into consideration by the structural engineers to provide additional protection against seismic activity by deploying the latest post tension technology, a first by Platinum 1.

“We are ready to accommodate the final finishing requirements of the prospective clients and they are free to choose the alterations according to their tastes and standards so as to be completely satisfied with the final product,” Srinagesh said.