Demand for condominium apartments on the rise

Harshini Perera

The demand for condominium apartments is on the rise and industrialists expect the demand for office space in Colombo to also increase in the near future. Director, Mireka Capital Land (Pvt) Ltd., Hussein Cassim said that disregarding terrorist activities, the financial meltdown and the slow down of banking finance to prospective buyers, there has been an increase in the number of local and foreign buyers interested in purchasing condominium apartments.

He said a hundred and ten prospective buyers have shown their interest in buying apartments from the Havelock City condominium and it is likely that the dawn of peace in the country has resulted in this.

The first phase of the Havelock City project is almost finished while the foundation for the second phase was already laid. A commercial complex will be constructed as a service to the residents of the apartments.

Moreover, it will have a medical clinic, a clubhouse, a swimming pool and a gymnasium. He said that at present the demand for office space in Colombo has dropped. The tenants who left the premises in Colombo would soon return with the emerging development projects in the country.

"Addressing the need of office space in Colombo, we would be constructing low cost office spaces in Havelock City Condominium.

As a strategy to provide the condominium with infrastructure facilities, a bridge was completed connecting the condominium to the road network, he said.