GVR Lanka (Pvt) Ltd. launches first Mixed Development Real Estate Project in the ancient city of Kandy

Colombo, 6th November 2013: GVR Lanka (Pvt) Ltd. announced today, the launch of the BOI-approved, first ever mixed development real estate project to be built in the ancient city of Kandy on the banks of the majestic Mahaweli River. GVR Lanka, the Project Developer, will develop this project in collaboration with RDC Architects Pte. Ltd. of Singapore – the Lead Architects, Green Technologies (FZCO) of Dubai – M&E and Sustainability Solutions, Davis Langdon KPK (an AECOM Company) – the Quantity Surveying and Engineering Consultants, Sanken Construction (Pvt) Ltd. and MESAS International – the Project Contractors (design built), Vasantha Ratnayake – Structural Engineering Consultant and Project Managers and Developers (Pvt) Ltd. – as the Project Manager. Prominent Architect Ashley de Vos will play an advisory role to incorporate some of the historical Kandyan architectural features for this iconic project. The developer’s main objective is to deliver to owners of the residential apartments and hotel guests a high quality, hassle free, superior product, through the collaboration of this team. All parties involved are committed to build this project in a socially responsible and environmentally friendly manner.

The total project is estimated to cost over US$ 45 million and is being funded by Serendip Investment Group LLC, based out of Phoenix, Arizona, USA. To ensure proper use of residential apartment buyers’ down payments, the funds will be placed in an escrow account at Bank of Ceylon or Standard Chartered Bank. The funds will be released to the project based on post regular audits by Ernst & Young based on the progress of the construction; thereby securing the customers’ interests.

The iconic project will consist of two phases. While Phase I of the development will commence in November 2013, Phase II will begin in April 2014 and are scheduled to be completed by October 2015 and August 2016 respectively. Phase I has been designed as a 15-storey, exclusive, luxury residential apartment tower – the Dynasty Residency - made up of 88 units including single, double and triple-bed roomed apartments along with 10 three and four-bed roomed duplex-style sky villas for the first time in Sri Lanka. As another pioneering initiative, the Dynasty Residency will also include 4 penthouses with access to their very own private sky gardens. Phase II of the development will comprise of a 21-storey, exclusive, 4 star hotel – the Royal Palace – inclusive of 161 luxury rooms and serviced apartments overlooking some of the most breath-taking scenery of the hill capital. Adding to the elegance of the property will be a health spa, banquet halls, shopping arcade and rooftop restaurants.

The design of the complex will emulate the surrounding environment establishing a connection between the building and the exquisite landscape of Kandy’s rolling hills, paddy terraces and the majestic Mahaweli River. The connection to the outdoors will be complete with a 360-degree view and with its location next to the historic ‘elephant bath,’ will provide the residents with a stately feel of the last stronghold of the ancient Sri Lankan kings. The project also has the distinction of being the first mixed development project to be constructed in Sri Lanka in accordance with the US Green Building Council’s LEED Gold standards, under the LEED for Core and Shell version 2009 rating system.

The project was the brain-child of a group of successful Sri Lanka born US-based entrepreneurs, in particular, Mahasen Samaravijaya - Founder of Serendip Investment Group LLC, Interface Data Systems Inc., and founding member of GVR Lanka (Pvt) Ltd., and Mohan Chandramohan MSc, former Chairman, Chief Executive Officer and Founder of ARC Document Solutions, Inc., a NYSE listed entity (ARC), and co-founder of GVR Lanka (Pvt) Ltd. Other investors include, Kumarakulasingham Suriyakumar - current Chairman and CEO of ARC Document Solutions, Inc. and Sean Pathiratne - Chairman and CEO of Lifestyle Solutions. This team of entrepreneurs has previously funded numerous humanitarian projects in Sri Lanka under the One Sri Lanka Foundation and has also promoted bilateral trade though the Sri Lanka Business Council in the US. With this investment, the team intends to deliver to the people of Sri Lanka, a high-quality, unique development at reasonable cost. GVR Lanka’s Board of Directors includes eminent Sri Lankan businessmen and private-sector icons such as Prema Cooray MBA – former Chairman Aitken Spence and Priya Edirisinghe FCMA, FCA – Managing Director of HLB Management Consultants and former Deputy Group Financial Director of John Keells Group, and Srilal Miththapala BSc, Chartered Electrical Engineer – Former CEO/Director of Serendib Leisure and the famous elephant expert. The project is therefore being driven by a team of globally and locally experienced professionals in various fields including the hospitality sectors.

The Chairman of GVR Lanka, Mr. Samaravijaya, commenting on the company’s first undertaking in Sri Lanka stated, “We believe, with its location and luxurious amenities, the complex can be marketed as an ‘Oasis of Tranquility,’ providing an unparalleled lifestyle experience to its apartment owners and hotel guests.” The hill capital abounds with a rich cultural heritage, royal and colonial history and an abundance of nature’s bounties. With the impending development of the Colombo-Kandy expressway and the proximity to the seaplane landing site, the location will no doubt be one of the most sought after addresses for locals and expatriates alike. With schools, hospitals, supermarkets, shopping facilities and other modern amenities accessible within minutes, the property is set to attract potential homeowners from all walks of life.

GVR Lanka (Pvt) Ltd. – GVR Lanka is a BOI-approved real estate development company registered in Sri Lanka in January 2006 as a private limited company and have obtained relevant government agency approvals. The company is based at the IBM Building, Navam Mawatha, Colombo 2. It was founded by two Sri Lankan-born, US-based entrepreneurs, Mohan Chandramohan and Mahasen Samaravijaya, and the latter acts as its current Chairman. The mixed development in Kandy is the company’s first project.

For further details on the project, please contact Deepa on 0770162057 or Mahasen on 0773292538 & 1-602-315-6868. Their e-mail addresses are deepa@dynastyresidence.com and Mahasen@gvrtech.com