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Tuesday, 29 November 2011

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Condominium boom continues

‘OnThree20’ already pre-booked:



Athula Amarasekera

Over 300 units out of the 475-unit ultra luxury condominium “OnThree20” built at Union Place, Colombo 2 have been pre booked. This may be the first instance in Sri Lanka that over 70 percent of a condominium has been pre-booked even before the piling is completed, clearly underlining the demand for city living, Chief Architect of the Project Athula Amarasekera said.

He told Daily News Business that most of the buyers are Sri Lankans.

Amarasekera who was the chief architect behind the much lauded 2018 Hambantota Commonwealth Games architect model said this also proves that though there is a recession overseas it has not affected the buying power of Sri Lankans.

The 37-storied complex is operated by the diversified blue chip, John Keells Group. The construction commenced in April 2011 and is scheduled for completion by end 2014. The total investment for this BOI approved development project is Rs. 5.6 billion.


The apartment complex

Built on a two-acre land, when completed it will be one of the most sophisticated condominiums in the region with three swimming pools, a three floor car park, restaurants, club houses, gymnasiums, shopping complexes, enhanced security and all other modern facilities.

 

The apartments that will be on offer will be spacious with minimum being over 1,200 square feet.

Amarasekera from DESIGN Team 3 said over 40 new hotel and apartment projects are expected to commence in 2013 in Sri Lanka which will result in a construction boom.

“This will definitely create a reverse migration of skilled and unskilled labour back to Sri Lanka,” he predicted. His 18 years of professional experience include successful project development and the management of large, complex and international projects.

Some of these projects are the Hexaware Technologies Campus at Siruseri in Chennai, Tamil Nadu; the Singapore Biopolis and the School of Chemical and Life Sciences for Singapore Polytechnic.

He said workers no longer need to go to the Middle East to find employment ensuring better quality of life within Sri Lanka and being ensured of high returns as well.

He also said the housing complexes for the athletic village and the athletic stadium which was spelled out in the plan will be built as it will be used for BPO facility and for an international university. The 2014 South Asian Federation Games too will be held in Hambantota,” he said.

shirajiv@yahoo.com

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