Redevelopment plan for old condominium projects

Anjana Samarasinghe

REDEVELOPMENT: The Condominium Management Authority (CMA) will focus on redeveloping the existing old condominium housing projects in Colombo with the participation of private property developers.

Acting General Manager, CMA, G.U. Upawansa told the Daily News that at the moment they are in the process of identifying and collecting information on these housing projects in Colombo. CMA will complete this process by end of March.

Some condominium housing projects have been existing for 30 to 40 years and most of the projects are now very old and needed to be redeveloped. These projects being completed by institutions such as the National Housing Development Authority and CMC, he said.

CMA expects to facilitate the redevelopment of these projects through coordinating residents of these condominium projects and the private property developers.

There are some enquiries from private property developers on redeveloping certain old housing projects. When redeveloping these projects property developers could add more units to the project and sell to new consumers, Upawansa said.

Since there is insufficient land in Colombo rising condominium projects will be an ideal solution to the ever increasing housing demand in the capital, he said.

After the identification process CMA will coordinate the developers and residents if the both parties are agreed in redeveloping the project. CMA expects to commence the redevelopment process on some projects during this year.