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| Sunday, 12 December 2004 |
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Capitol Residencies will add to Colombo's skyline by Elmo Leonard The Capitol Residencies (CR) a real estate project with 12 levels in one tower and 8 in the other, in Dharamapala Mawatha, Colombo 7 is not yet in the skyline, but 40 percent of its 51 luxury apartments are booked for purchase, according to the developers, City Developers International (Pvt) Ltd (CDIL). Colombo's houses are being pulled down and the skyline is increasingly being dotted with apartment projects. The word `flats' is out of vogue because the nation's new emerging rich are acquiring the financial clout to buy up `apartments.' Thousands of apartments are planned for the city but CDIL says that this one is unique. Located on a 68 perch plot at 65 Dharamapala Mawatha, the land adjoins Citibank and carries 3 penthouses. Coming in 6 types of 2 to 3 bedrooms of 1240 to 1840 square feet, it is priced between Rs 14 to 29 million, each. The project comes under the Board of Investment of Sri Lanka (BOI) carrying tax benefits. This 100 percent Sri Lankan funded project is estimated at Rs 1 billion (Rs 104 to a US dollar) with most monies coming from the Commercial Bank. When complete, it will have a gymnasium, swimming pool and club house. The payments due are being collected in 7 instalments, from 31 December to 31 March 06, from 10 to 20 percent. Colombo's mushrooming apartment projects have 3 types of buyers - those who want to make a home for themselves, those who wish to rent out and those who want prices to escalate as is the norm here, so that they could make an exit carrying a profit. Old apartments, however depreciate in price. The men behind the picture are Japanese national, Y Tahara Managing Director of CDIL (who carries 14 years experience in property development in Singapore, Maldives and Sri Lanka) Mahen Weerasekera Chairman, Nalin Attygalle Marketing Consultant, Chandra Jayanetti Assistant General Manager. CDIL are going it with Sanken Lanka (Pvt) Ltd, a construction company established in 1984 as a joint venture with Mitsui Construction Company Ltd, Tokyo, Japan. The project coordinators are San Developers International (Pvt) Ltd. |
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