Cinnamon Life Integrated Resort is the first

integrated resort An integrated resort (IR) is a major resort property that includes a hotel with a casino, together with convention facilities, entertainment shows, theme parks, luxury retail and fine dining. The term is largely Singaporean. Earlier IR lic ...

in Sri Lanka and the largest private investment in the country. Sri Lankan-British architect, Cecil Balmond designed the resort while Hyundai Engineering & Construction is the main contractor. The construction of the resort began in 2014. All the buildings in the resort topped off in May 2019. Even though the resort was originally planned to be completed by 2018, the project got delayed several times due to various reasons. John Keells started handing over keys to the suites apartments in August 2021. With handing over of residential and commercial units, revenue recognition started at Cinnamon Life. The remainder of the project is scheduled to be launched in a phased manner, in the first half of 2023.

History

2014-18

Cecil Balmond is the architect of the project while

Hyundai Engineering & Construction Hyundai Engineering and Construction Co., Ltd. (HDEC; ) is a major construction company in South Korea. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company and was a major component of the Hyundai Group. Hyund ...

is the main contractor. Waterfront Properties (Pvt) Ltd, a subsidiary of

John Keells Holdings John Keells Holdings PLC (JKH) is one of the largest conglomerate companies in Sri Lanka. From managing hotels and resorts in Sri Lanka and the Maldives to providing port, marine fuel and logistics services to IT solutions, manufacturing of food ...

, will manage the property which will be of total floor area. Construction of Cinnamon Life began in 2014 and the 'Suites Tower' topped off in December 2018. Over 50 percent of the floor area of the first residential tower is already sold by September 2016.

2019-Present

65% of the residential tower's floor area including six penthouses out of 25 are presold by March 2019. A quarter of buyers are expatriates while 7%-8% are foreign investors. Starting price of an apartment was US$400,000. All buildings including the Cinnamon Life Integrated Resort topped off in May 2019. The project was scheduled to finish in 2018 but the expected completion was delayed to March 2020 for Office Tower while it would be the first quarter of 2023 for the hotel and retail mall. The cost of the project has also risen due to the depreciation of the Sri Lankan rupee against the US dollar. The revenue expected from the residential apartment and commercial office space is US$250 million. The construction stopped in March 2020 due to the outbreak of the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

but resumed in May 2020 with keeping up with health guidelines imposed by the health authorities. Prime minister Mahinda Rajapaksa paid a brief impromptu visit to the site in October 2020. ''

Daily Mirror The ''Daily Mirror'' is a British national daily tabloid. Founded in 1903, it is owned by parent company Reach plc. From 1985 to 1987, and from 1997 to 2002, the title on its masthead was simply ''The Mirror''. It had an average daily print c ...

'' reported that Cinnamon Life Integrated Resort might get licenses from the government to operate casinos within the resort. On the dawn of the new year, 2021 resort's residential tower lightened up to read "2021 Hope". In February 2021, the resort's office and suites towers received the certificate of conformity and were scheduled to hand over to the occupants in March 2021. John Keells Properties started handing over the keys to the suites apartments in August 2021. The apartment tower consists of 196 units with two-four bedrooms.

Revenue recognition The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle. They both determine the accounting period in which revenues and expenses are recognized. According to the principle, revenues are reco ...

at Cinnamon Life commenced after the handing over of residential and commercial units. The remainder of the project is planned to be launched in a phased manner, in the first half of 2023.

Resort

US$850 million investment will be the largest private investment in Sri Lanka and the resort will also include 427 apartments. The hotel consists of 800 rooms and twenty restaurants and bars including six specialty restaurants. A five-storeyed shopping mall will connect to the hotel and the resort is expected to be a hub for MICE (

Meetings, incentives, conferencing, exhibitions Meetings, Incentives, Conferences and Exhibitions (MICE) tourism is a type of tourism in which large groups, usually planned well in advance, are brought together. Recently there has been an industry trend toward using the term 'meetings indus ...

). Source: ''johnkeellsproperties.com''

References

External links