'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
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.