This document outlines plans for the Keppetipola Mawatha Housing Project in Sri Lanka. It will construct 600 apartments across 4 towers on 5 acres of land, with the remaining 11 acres leased for other development like a business center, supermarket, university, restaurant complex, and sports complex. The apartments will be of 3 types ranging from 1500-1090 square feet and cost $150,000 each, with the total project cost being $90 million. The surrounding land is priced at $51,000 per 25 square meters.

1. Keppetipola
Mawatha Housing
Project
Jawatta Road,
Meckenzie Road,
Don Carolis Mawatha,
Joseph Frazer Mawatha
Keppetipola Mawatha
removing the existing
government quarters.
Cabinet Decision – PFD/PMD/CM/2011/112

2. Project Area

3. 600 apartments
1500 sq.ft.
USD 150,000 per
apartment
Total Cost USD 90
million
LAND PRICE
USD 51,000 /
25sqmt (perch)
70 Summit Flats
1090 sq.ft. floor area

4. Construction of Apartments
•
•
•
•
600 apartments in 4 towers
Each tower in 20 floors will
Three housing types
Large - living and dining areas, 3
large bedrooms, 1 attached and 1
common toilet, a pantry, store area,
servants’ toilet and balconies.
• Each tower will be served with
parking floors to accommodate 150
vehicles,
• Each tower with 2 passenger
elevators and 2 stair cases.

5. Potential
Development Ideas
Apartment complex in 2
acres
Business center and Super
market 0.5 acre
International University /
school in 4 acres
Restaurant Complex 0.5 acre
Sports Complex 01 acres
Common areas 3 acres

6. The Formula
Total land area 16 acres
For the 04 towers 5 acres
Balance 11 acres on 99 year Lease to investor
Parks Road Ways and Open Spaces

7. “The market for real estate assets in Sri Lanka has shown a significant
growth phenomenon since 2009 with a marked increase in price levels of
real estate assets including bare lands, residential housing, commercial
premises and condominium style apartments. Increased foreign
investment interest in prime blocks of commercial lands in
the city of Colombo, the acquisition and resale of leisure properties by
private investors and a general increase in confidence levels of household
investors is likely to have fueled the development of Sri Lanka’s property
market during the past 24 months. ..”
KPMG