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DateLine Wednesday, 04 April 2007

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'Sri Lanka's condominium construction reaching world standards' - Keangnam Lanka Director

APARTMENT MARKET: Sri Lanka's condominium and apartment market and their quality of construction are similar to those in London, New York and Sydney, said Director Keangnam Lanka Pvt. Ltd, Seo Seong Soo.

Apartment: The Dawson apartment complex

In an interview with the Daily News he said that even the land prices in Colombo are on par with those of most of the European countries and the city living standards are definitely over other Asian countries. He said that the main reason for this is the accelerated development in the country and high economic growth that is on the rise.

He said that there is a demand for high rise apartments from both locals and expatriates which is very high and this was the reason for them to construct Sri Lanka's tallest apartment complex Dawson Grand at the former Empire Theater in Colombo.

The complex would be completed by 2009, in a land extent of 1.3 acres and the total investment for the project would be 60 million US dollars.

The company that also constructed the landmark Royal Park condominium residencies in Rajagiriya with an investment of US $ 45 million said that the Dawson Grand would be of twin towers going up to 42 floors with 178 apartment units.

"It would be Colombo's tallest building during the time," he said. The response from the public had been very inspiring and we have already sold over 38 percent. "This once again is a clear indication that Sri Lankan public has the money to buy ultra luxury apartment complexes of this nature.

The fact that the expatriates are buying these apartments is an indication that they have investment confidence to be in Sri Lanka for a long period of time," he said. He said that unlike other apartment complexes Dawson Grand would be built on 40 percent on the land and the balance would be for a landscaped garden.

General Manager, Director Keangnam Lanka Pvt. Ltd, Nimal Perera said that the company is looking to invest more in Sri Lanka on projects of this nature, as the government is very cooperative. "We see a future demand as well," he said.

He said that security has been one of their key areas and several new modern features have been added while many recreation facilities too would be in place to make the living more comfortable.

The company based in Korea has also built several landmark buildings all over the world and in Sri Lanka they are involved in key road building and several infrastructure development projects.


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