Foreign investors to construct 100,000 houses

Mohammed Naalir

Moves are underway to construct 100,000 housing units using low cost modern technologies within the coming three years for low and middle class income earners, Construction and Engineering Services Minister Rajitha Senaratne said.

He said that there is a need for more than one million houses for low and middle class community throughout the country.

Houses will be constructed for the middle income earning group at a cost of between Rs. 600,000 to Rs. 1.5 million.

Meanwhile the Norwegian Government has also come forward to construct 15,000 housing units in the Eastern province including in the recently liberated areas. Minister Senaratne held talks with delegates of Malaysia at his Ministry pertaining to the construction of the proposed of 100,000 houses for low and middle income earners.

Minister Senaratne brought to the attention of the delegates that China, Russia, Singapore and Korean investors are also keen to invest in Sri Lanka on housing projects.

Minister Senaratne promised the Malaysian delegation that in case of the foreign investors invest in housing construction sector they would never face a loss at any time because a large demand prevails for houses among the middle class income earning group in Sri Lanka.

As the housing scheme for middle income earners is targeting the employed they will be entitled to get loans from banks so selling houses to middle income earners is not a difficult task, Minister Senaratne added.

The representative of Malaysian delegation Muhammadhu Jazir said that each housing unit will be constructed on an area of 750 square feet comprising three rooms, a living room and a kitchen.

Minister Senaratne noted that his Ministry is intending to get the assistance of foreign investors to expedite housing construction for low and middle class income earners.

He said Singapore investors have come forward to construct 50,000 housing units while Chinese investors agreed to construct 25,000 housing units for the middle income earning group.