Construction of the three-storey 13,000 m2 (140,000 sq ft) shopping complex, with 88 tenancies, developed around a central atrium was completed in 1991 and formally opened on 4 April.

The second phase of development, comprising a cinema, food court, amusement centre and additional tenancies commenced in May 1993 was opened on 4 December 1994.

[3] An LKR176 million renovation of the building was undertaken in 2008, which included modifications to the Galle Road entrance and the atrium, together with a refurbishment of the basement food court.

In 2019 the owners of the centre announced that they would be commencing a Rs 450 million refurbishment of the complex, which is expected to be completed by June 2020.

[5] Majestic Cineplex includes four cinemas managed by Ceylon Theaters (Pvt) Ltd, [6]