JKH's delayed $ 850 mn luxury project to be completed by 2020

The envisioned Cinnamon Life

By Hiran H.Senewiratne

A major investment venture of Sri Lanka's premier blue chip, John Keells Holdings (JKH), the $ 850 million Cinnamon Life project will be delayed by one to one and half years due to an issue with its contractor, Korea based Hyundai Engineering and Construction Co. Ltd.

"We have already resolved the problem with the contractor and now all the construction work has started and the luxury mixed development project will be launched by end of 2019 or early 2020. The reason for the issue stemmed from the complexity of the project, JKH deputy chairman Ajith Gunawardena told The Island Financial Review on the sidelines of an event organized by John Keells Holdings Plc, titled John Keells X, to announce the winners of its first Open Innovation Challenge, aimed at encouraging 'innovation with imagination' among entrepreneurs. The event was held at the Cinnamon Grand on Wednesday.

Gunewardene said that "Cinnamon Life" was conceptualized as a flagship project for Sri Lanka as it staked its claim for fame in the international arena after decades of remaining on the sidelines due to work delays. All construction work is now back on track. Previously, the project was slated to be completed in 2017.

"This is the first of its kind in the region, Cinnamon Life will shine bright like a beacon of prosperity and help support the country’s development, he said.

Gunewardena said that JKH has all the required funds to go ahead with the project and these issued from debenture issues and loans.

"This architectural icon has been envisioned as a 4.5 million sqft integrated resort consisting of an 800-room luxury Cinnamon hotel, avant garde experiential and entertainment haven, residential apartments, state-of-the-art office spaces, a wide variety of food and beverage offerings and ballroom, conferencing, theatre and banqueting spaces, sources said.

"This mixed development project is Sri Lanka’s largest private sector investment. Cinnamon Life, with its vibrant and inspired concept, is a project of significant national importance and will become the epicentre of modern South Asia, they added.

It is said that internationally renowned architect, artist and engineer, Cecil Balmond, the design visionary behind some of the most popular buildings in the world, including the ArcelorMittal Orbit in London and the CCTV in Beijing, will be bringing this inspired concept to life.

"This project will generate numerous benefits for the economy and the community. More importantly, Cinnamon Life will engender a sense of pride to be Sri Lankan as it will signal the march of the country towards a vibrant future, Gunewardena said.

The property arm of the JKH has successfully executed prominent landmarks, such as, Monarch and Emperor at Crescat City; Onthree20; and its latest project, 7th Sense – Gregory’s Road.www.island.lk