Telco Hotel Jaffna and Blue Ocean Group Colombo, are building Northern Province’s largest apartment complex, Yarl Royal Palace in Jaffna. The total investment for the project is Rs. 1.8 billion making it the current biggest private sector development project in Jaffna.
Blue Ocean Founder & Group Chainman S. Thumilan said that the construction has already begun and will be completed in 20 months. “We are not new commerce in Jaffna as we recently completed a government hospital complex in Jaffna to the value of around Rs. 700 million.”
It was during this time that we found the demand for high-standard apartment living in Jaffna and decided to build Yarl Royal Palace as a joint venture with Telco Hotel Jaffna. The complex will offer 54 luxury apartments on 12 floors and it offers a rooftop swimming pool, the only such one in the Northern peninsula. In addition, it will also have a rooftop gym. Yarl Royal Palace will also have 3 floors for parking.
Speaking during the side-lines of their 13th-anniversary celebrations in Colombo on Saturday he said that Link Engineering, a member of the Group and is one of the first few construction companies in the country with experience spanning over four decades will handle the construction. Tilko Hotel Managing Director Thilak Thilagaraj said that they had a second hotel near Jaffna and have dismantled it to offer to build this apartment complex. “We held the groundbreaking ceremony for this and there was an overwhelming response and we have already sold two apartments even before two months of construction.”
He said that they offer one, two and three-bedroom apartments and said that Sri Lanka expatriates in Germany were the first two recipients of the apartment complex. “We also have a real estate company in the UK and through them, we have also made more sales. With the economic situation settling down in Sri Lanka we see the apartments being snapped up very soon.”
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