Land scarcity in Colombo gives rise to apartments

According to a study on the semi luxury and luxury apartment market in Sri Lanka by Pricewaterhouse Coopers Private Limited, it is estimated that 100, 000 units would be needed to be built per year until 2020 to ensure housing for all.

He said,"Our Group diversified into apartment construction following feasibility studies that were done. With the economy expected to grow in the coming years, we anticipate that the demand for luxury apartments will also continue to grow. Luxury condominium development in Sri Lanka has been found to be popular from the early part of the last decade. Luxury apartments were considered a reliable investment option by top-end investors as well as expats.

Research shows that 50 percent of the units of most luxury apartments were sold prior to the completion of construction. It also indicates that top- end projects appear to perform better than low-end apartments due to higher income levels in the Western province, mainly Colombo.

One of the scarcest resources in Colombo is land. Most of the land that could be used for development has already been utilised. The dearth of developable land in the urban areas combined with the rising population density has led to the emergence of high rise condominiums in the Colombo district.

Over the past few years, the Colombo district has witnessed rapid development of the suburbs , especially Rajagiriya, Battaramulla and Pellawatte area.

Rajagiriya has witnessed a few high-rise apartment complexes, such as "110 Parliament Road" apartment complex, two kilometres from Colombo 7.

Director of Apurva Natvar Parikh Group(ANPG Group), Rohan Parikh said according to the Ministry of Development and Planning increasing urbanisation and population have increased the need for expansion in housing development in Sri Lanka.The ANPG Group partnered with Sanken Lanka (Pvt) Ltd commenced construction in November 2011. Now construction work is underway and is due to be completed in July 2014.

'110 Parliament Road' is a landmark apartment project with quiet neighborhood surroundings and views of the Colombo Golf Course and the National Bird Sanctuary with panoramic view of the Colombo City.

This apartment complex remains ideal and competitive with a choice of two,three and duplex apartments, with floor areas of 1,600 sqft to 3,000sqft and state-of-the art amenities such as swimming pools, gym, tennis courts, basket ball courts children's play area, restaurants, spa just to name a few. These privileges will be exclusive to this apartment complex.