Estimated at around 40 million dollars, the 35-storey tower will come up on a vacant 12 acre property adjoining the group's city five-star, the Cinnamon Grand.
Named the 'Emperor', the 175 apartment complex comprises two, three, four-bedroom, penthouse and a presidential suite.
Prices per square foot start from 200 dollars for the lower floors and goes up to around 250 dollars for the 5,000 square foot feet presidential suite.
Meanwhile, Asian Hotels says they have completed the first tower, 'The Residencies' at Crescat City, while the second tower, 'The Monarch', is scheduled to be finished by mid-2007.
All 195 apartments of 'The Monarch' have been sold.
JKH is currently Sri Lanka's largest hotel operator commanding over 1400 rooms spread over 13 hotels, incl