Editorial

Security

Politics

World

Letters

Sports

Obituaries

Archives

by Don Asoka Wijewardena

The Condominium Management Authority (CMA) which conducted an extensive survey has found that there is a huge demand for condominium properties in the Colombo city. About 60 per cent urban housing requirements are from the middle income groups,said CMA General Manager Athula Wimalaratne in an interview with the Sunday Observer.

Wimalaratne said that the CMA had decided to invite private sector investors, including foreign investors to construct condominium projects in and around Colombo as most people in the middle income group wished to stay in Colombo for employment and their children's education. He said that the 350 condominium projects in the Colombo city in six areas were unable to accommodate the increasing number of people coming from rural areas in the country.

Referring to the current requirements,Wimalaratne said that around 50,000 housing units were urgently needed to fulfil the middle income group housing requirements and added that about 2,000 condominium projects had to be constructed to meet the demand.

Wimalaratne said that in accordance with the Apartment Ownership (Amendment) Act No. 39 of 2003, CMA was regulating and promoting the condominium industry inviting private investors to satisfy all stakeholders in constructing condominium properties.

He said that the CMA had identified that 50 per cent of the middle income group housing requirements in urban areas could be solved by providing settlements and accommodation for a specific period of time according to their requirements.

Wimalaratne said that more than 600 condominium projects were in the pipeline in and around Colombo and that the CMA had found that most of the proposed condominium housing units had been already booked by prospective buyers. "The only thing we have to do is invite private investors to construct more condominiums," he said.

Regarding locations available for constructing condominiums, Wimalaratne said that the CMA had identified the Sri Jayawardenapura area where there was potential for condominium development. Due to some government reservations,it was found that the Sri Jayawardenapura area was not so congested and environmental-friendly for any investor.

Referring to the advantages of condominium living, he said that effective resource allocation or utilisation was the main advantage in having condominiums in urban areas.

www.ceylincoproperties.com

| News | Business | Features | Editorial | Security |
| Politics | World | Letters | Sports | Obituaries | Junior Observer |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager