Asian Hotels and Properties PLC (AHPP) announced that it would be moving forward
with major investments towards the refurbishment of Crescat Boulevard.
First opening its doors in 1997, Crescat Boulevard was a pioneering development at the
time, and soon became an iconic location in Colombo.
It was the very first upscale retail hotspot in Colombo to offer a curated shopping experience featuring high-end international brands, side-by-side with local crafts, entertainment, and a melting pot of cuisines.
“The face of Colombo has seen such radical changes since Crescat Boulevard was first
opened,” said Nayana Mawilmada, Sector Head of the Property Group of John Keells
Holdings who manage the property. “It has been 23 years since we opened our doors,
and that is a very long run for a shopping mall. After this length of time, the building is in
need of a refurbishment, one we have been putting off for some time. With all the new
malls opening in Colombo, we also feel it is time to reconsider its competitive
positioning as well.
Naturally, we believe that more can now be done to take advantage
of this property’s remarkable location and deliver value to our stakeholders. Our goal is
to once again create a unique, high quality experience that can cater to the changing
dynamics of an increasingly sophisticated market, thereby raising the profile of the city
of Colombo itself.”
In the interim, operations at Crescat Boulevard will continue as normal, with visitors
being able to browse and shop until the end of December 2020, when the refurbishment
project will commence.