Decline in demand for apartments

Hathoon Sheriffdeen

HOUSING: Foreign investment is the main source of finance for the many construction companies, who build residential apartments in the city.

Demand for these apartments has rapidly slowed down, due to skepticism of living in Colombo, Managing Partner, Royal Property Developers, Mahendran Thirukkumaran said. Sri Lankans, residing abroad are the targeted stakeholders, who invest in apartments built in various locations within Colombo.

Now these investors are reluctant to invest their funds on these apartments, because of the situation in the country, Thirukkumaran said.

He said the apartments are rising to the border of the sky. Especially Colombo’s suburbs are filled with semi-luxury and luxury apartments. These apartments have exceeded 3,000 units on these areas specified. There are many more projects, which are taking shape which would make the country look like Singapore.

The time period needed to complete an apartment complex will be around two to three years,Thirukkumaran said.