The “Majestic City” in operation will be a unique concept in Sri Lanka providing diverse facilities of a high standard under a single roof for the people. Stage I involves the construction of a centrally air-conditioned shopping complex consisting of 96 shops, a supermarket, a bank, a restaurant, fast food outlets, offices, apartments and a basement car park.
The complex will be serviced by escalators and elevators, with ample stairway and walkway arrangements including an atrium which has been designed in such a manner as to provide a panoramic view of the upper floors of the building to make shopping a pleasure. The Atrium area would be utilized as an arcade with the atmosphere of a continental type sidewalk cafe with shops selling fast foods, confectionery and cigarettes.
It will also be used as a venue to stage variety entertainment shows, exhibitions and trade promotion displays. The total rentable floor area is 60,064 square feet excluding the basement car park covering a floor area of 32,179 square feet.
The costs of Stage I was to be financed by equity of Rs. 75 Million and the balance by debt capital. Although 3 Million shares of Rs. 10 each were offered to the General Public for subscription by Prospectus, the response from the public and institutional segment of the capital market was not up to expectation.
Therefore, Ceylon Theatres Limited as the main promoter of the company along with their nominees had to take up the unsubscribed shares. The funding support given at this time by Peoples Bank was invaluable.
Majestic city lobby is a hall in a building used for entry from the outside. Sometimes referred to as a foyer reception or an entrance hall.
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