Research in luxury condominium development in Sri Lanka shows that 50% of the units of most luxury apartments were sold prior to the completion of the construction.
Further research 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.
Luxury apartments were considered the most reliable investment option by Sri Lankan top end investors as well as expats living in Australia, U.S.A, U.K and Canada.
Most of the land that could be used for development has already been utilized.
The dearth of developable land in urban areas combined with 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 its outer suburbs and growing popularity of populating migration to these suburbs; especially in Rajagiriya, Battaramulla and Pellawatte area.
According to a study on the semi luxury/ 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. Rajagiriya has witnessed few high-rise apartment complexes, and the most talked about project in the area is the iconic “110 Parliament Road” apartment complex located just 2 kilometers from Colombo 07.
‘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.
Apurva Natvar Parikh Group(ANPG Group) partnered with Sanken Lanka (Pvt) Ltd and broke ground and commenced construction in Nov 2011. The construction is underway and is due for completion in July 2014.
Rohan Parikh, Director of ANPG Group says according to the Ministry of Development and Planning increasing urbanization and population, have increased the need for expansion in housing development in Sri LankaSource from dailynews.lk