|
|
|
| Sunday, 10 July 2005 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Condominium houses gain popularity by Hiran H. Senewiratne Sri Lanka's condominium housing concept is gaining popularity especially among Sri Lankans living abroad since most of them are in prime areas in the city, industry sources said. The government has taken certain measures to protect all stakeholders in the sector with the expansion of business, General Manager Condominium Management Authority (CMA) Athula Wimalaratne said. He said that certain developers promised their customers certain things at the beginning and once the construction is completed they will not fulfil what they had promised. As a remedy to this situation we are issuing a certificate to the developer. In that the developer should provide all common elements and common amenities to every unit in the condominium, he said. The CMA certificate is mainly to provide common amenities for the benefit and welfare of the occupant in the condominium. At present, a number of high rise condominiums are being built in the Colombo city due to the high demand for them. This would change the skyline of the city in time to come. Condominiums are popular since it provides the occupants security, privacy and convenience within reach. Most developers say that they conform to the rules of local government authorities including the Urban Development Authority (UDA). The demand for condominium apartments/units are increasing and therefore it is a lucrative business, said Marketing Manager Sierra Property Development (Pvt) Limited Shehan Faleel. He said that low bank interest rates and appreciation of property values compelled people to invest in these properties since the value appreciates constantly. Faleel said that Sri Lankans living abroad mostly invest in condominium apartments in the country. He said that clearance of documents from local government authorities to construct condominium projects is one of the bottlenecks faced by them. Manager Summerland Property Development (Pvt) Ltd Somasiri Liyanage said that there is a growing demand for condominium apartments among Sri Lankans living abroad especially those working in Western countries. He said the company ventured into this business by studying current market trends. The Summer Empire condominium will be completed by 2006 and almost 30 per cent have been reserved up to now. The price ranges between Rs 7.3 million to Rs 9.9 million, he said. Marketing Manager 2000 Plaza (Pvt) Ltd Rohan Juranpathy said that most of the new condominium projects are targeting the up-market. Therefore, Sri Lankans living abroad are keen or interested in buying these apartments since they are quite economical and convenient. He said that certain people buy these housing units for a certain period and sell them at a higher price, which is another emerging trend in the sector. Marketing Manager Premier Pacific International Ltd Kanchana Kodithuwakku said this is a fast growing business and new condominiums are being built in numbers in the country. She said Sri Lankans working abroad purchase these condominium apartment/ units since they are quite secure and convenient to live rather than in a normal house. Director Pioneer Property Holdings Sherein Ratnayake said that it is amazing that some people reserve condominium apartments /units before starting construction. She said that all the apartments have been sold under the ongoing project at Kollupitiya which is known as St Michael's. Ratnayake said there will be enough business for developers for the next few years. These projects are mostly in prime areas in the town and this is one of
the reasons for this attraction, he said. |
|
| News | Business | Features
| Editorial | Security
| Produced by Lake House |
