No takers to redevelop city’s condominiums

Harshini PERERA

There are many condominiums to be redeveloped in the city of Colombo but developers are reluctant to redevelop them. Here a condominium in Colombo 2 in dire need of refurbishment. Picture by Saliya Rupasinghe

There are many condominiums to be redeveloped in the city of Colombo but developers are reluctant to redevelop them, said the General Manager, Condominium Management Authority, (CMA) G. U. Upawansa.

He said that developers are keen on constructing new condominiums because redevelopment brings fewer prospects for them. The CMA has issued 84 completion certificates for condominium projects during the first eight months of this year. Of them 60 were issued for condominiums less than 10 apartments.

A single developer was issued a semi condominium certificate which is under construction. Construction work on new condominiums increased since July this year and a growth is expected in the coming six months, he said.

He said that forty-one condominiums were constructed within the Colombo city limits while 26 condominiums were constructed in Dehiwala and Mt.Lavinia. Three condominiums were constructed in Kandy.

Construction of condominiums in Sri Lanka dropped in the first eight months this year.

Thus it could be due to the global economic crisis and uncertainty that prevailed during the period. Many developers may go to Jaffna and other war-torn areas to construct condominiums in the future, he said.

Along with the drop in construction, redevelopment too has dropped but it is expected to pick up by the end of this year, he said.