Over 50 % of luxury apartments sold prior to completion-research
Research in luxury condominium development in Sri Lanka shows that
50% of the units of most luxury apartments were sold prior to the
completion of the construction.
Further research also indicates that top end projects appear to
perform better than low-end apartments due to higher income levels in
the Western province, mainly Colombo.
Luxury apartments were considered the most reliable investment option
by Sri Lankan top end investors as well as expats living in Australia,
U.S.A, U.K and Canada.
Most of the land that could be used for development has already been
utilized.
The dearth of developable land in urban areas combined with rising
population density has led to the emergence of high rise condominiums in
the Colombo district. Over the past few years the Colombo district has
witnessed rapid development of its outer suburbs and growing popularity
of populating migration to these suburbs; especially in Rajagiriya,
Battaramulla and Pellawatte area.
According to a study on the semi luxury/ luxury apartment market in
Sri Lanka by Pricewaterhouse Coopers Private Limited it is estimated
that 100,000 units would be needed to be built per year until 2020 to
ensure housing for all. Rajagiriya has witnessed few high-rise apartment
complexes, and the most talked about project in the area is the iconic
“110 Parliament Road” apartment complex located just 2 kilometers from
Colombo 07.
‘110 Parliament Road’ is a landmark apartment project with quiet
neighborhood surroundings and views of the Colombo Golf Course and the
National Bird Sanctuary with panoramic view of the Colombo City.
Apurva Natvar Parikh Group(ANPG Group) partnered with Sanken Lanka
(Pvt) Ltd and broke ground and commenced construction in Nov 2011. The
construction is underway and is due for completion in July 2014.
Rohan Parikh, Director of ANPG Group says according to the Ministry
of Development and Planning increasing urbanization and population, have
increased the need for expansion in housing development in Sri Lanka
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