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| Sunday, 25 December 2005 |
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| News Business Features Editorial
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189 Residencies to be completed ahead of schedule 189 Residencies, the inaugural venture of Benison International Property Developers (Pvt) Ltd., a Sri Lankan BOI company spearheaded by Chairman, Dr. Sunil De Silva will be ready for occupation even prior to the original date of completion promised by the developers which was August 2006. "We are pleased to say that not only we are ahead of schedule, but despite the escalation of construction costs which have gone up further by 60 - 70% since we commenced building at the beginning of this year, we have not increased our prices and have kept our starting price at Rs. 13.8 million as we did not want to go back on our word" Dr. De Silva said. He said that they have already pre sold over 25% of the apartments in the first Tower which comprise the first phase (a total of 43 apartments), including one of the two Penthouse apartments. "It is very apparent that Real Estate is an investment that only appreciates in value and it is the one sure commodity in Sri Lanka that guarantees you of an ever increasing return on your investment". However De Silva said that should land and construction costs continue to rise, they too would be compelled to increase prices. "Customers could reserve their apartments now with a deposit of 25% of the value of the apartment of their choice, up to the end of this year". The total investment on the first Towers is around Rs. 600 million, while the second Tower will see a further investment of Rs. 450 million. |
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