Benison Property Developers constructs '189 Residencies'
 

BY ANJANA Samarasinghe

BENISON International (BI) Property Developers (Pvt) Ltd. hope to complete the construction of their inaugural venture '189 Residencies' next year.

Chairman of BI Sunil de Silva said the first phase of the project would conclude by June next year.

The 189 Residencies, located in Borella comprises two towers.

They hope to commence the construction of the second tower next year after the first phase.

The company has invested Rs. 450 million for the first tower and they hope to invest more for the second tower. Both towers are connected. The first tower comprises of seven blocks of eight stories and 43 apartments.

It also offers four types of units ranging from 2 bedroom and 3 bedroom apartments, 3 bedroom Duplexes and Penthouses.

The second tower will have 30 apartments.

The residential complex spread over a 95 perch land and consists with gymnasium, sauna, launderette, swimming pool and mini market.

"There are nearly 60,000 unsettled families in Colombo who are seeking for economical housing.

There is a huge scope for housing and the demand will increase by the day," de Silva said. The '189 Residencies' are targeted at professionals like doctors who are working in medical institutes around Borella area as well as people who want to move to Colombo and foreigners who are looking for apartments in Colombo.

"Although Sri Lanka has capacity and ability in the construction industry comparing to other countries industry has not developed as yet. Countries like Malaysia construct one to half million units per annum," he said.

De Silva also said that since development takes place in Colombo, land prices increase rapidly and construction costs have grown by 40% last year.

Although there are enough lands for individual housing projects in suburb areas people like to move to urban areas due to transportation problems. BI hopes to expand to Battaramulla and Wattala.