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| Sunday, 3 November 2002 |
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| News Business Features Editorial
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Millennium City achieves 1000 target, plans expansion Ceylinco Developers Ltd. (CDL), the owner of the Millennium City mega township project, plans to expand its operations, encouraged by the record achievement of selling 1000 housing units within three years. Deputy Chairman CDL Bandula Ranaweera said the company is planning the construction of a five-storey shopping complex with a cinema at the housing complex in Athurugiriya. "We also plan to start similar projects in two other areas outside Colombo. The demand for our housing units have prompted us to venture in this direction," he said. "We are delighted with the achievement of passing the 1000 sales figure within such a short time. This is the first time that a housing project recorded such progress. This has not happened even in countries such as Malaysia and Singapore. "The reason for the popularity of this project is that we sell not just housing units, but a complete package encompassing a concept, design and many other facilities." The Millennium City project got off the ground in 1999 after CDL's incorporation in the previous year. It is now a landscaped, eco-friendly complex providing many additional facilities such as a clubhouse, gymnasium, jogging track, basketball and tennis courts, swimming-pool and shopping complex. The project consists of five types of units - Paradis and Olympus, the luxury houses; Heartland, intended for the lower end of the market; Shop Houses, which combine business and residential facilities in one unit; and Horizon, the latest concept of condominium style housing units. "Out of these different units, Heartland is the most popular with over 600 units being sold. As a company enjoying Board of Investment concessions, we have to make available at least 60 per cent of our units to the lower end of the market. Over 500 families are currently living in Millennium City," Ranaweera said. "The shop houses were also rather popular and all units were sold last year. This is a very popular concept in other countries and we believe that it will catch on in Sri Lanka too," he said. "Pre-selling was a concept which we applied to sell our houses. We started with an initial investment of Rs. 100 million and the cost of construction was borne by the customer. The credibility of the developer is essential for this. Our total investment on the project would be something like Rs. 2.5 billion," he added. |
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