The premier developer in housing, Nivasie Developers Malabe celebrated the launching of Orchid Phase II at their premises on Thursday.
For over a decade the company has celebrated successful satellite housing projects including Nivasiepura, The Nest, Tranquil Crescent, Hill Crest estate, Victoria Range bungalows Kandy and current Orchid project in Malabe.
Nivasie has been able to present their clients with eco - friendly housing through innovative solutions. Construction plays a major role in all projects of Nivasie, quality of construction is important for them, which is fully own subsidiary International Construction Consortium (ICC).
"The ICC has been in the industry for over 80 years. Their contributions towards development in Sri Lanka is immense. So this guidance and stability is a strong fact among its competitors. The quality of the suppliers who have worked with Nivasie confirms their commitment towards providing a "Well Built Quality Home", ICC CEO Namal Peiris said.
Managing Director and CEO Nivasie Developers Herman Gonsal, CEO ICC Namal Peiris, Deputy General Manager Nivasie Developers Roshani Perera at the Malabe Orchid Phase II launch. Picture by Saliya Rupasinghe
A quiet, serene and environmentally friendly location of Orchid Malabe is the best choice of investment property for energetic investors. The "Orchid Collection" of luxury homes at Malabe has a dual entrance concept.
Easy access to the Outer Circular Highway is within easy reach of the capital, CINEC Maritime Campus, the Horizon Campus, the Millennium IT premises, The SAITM Medical College and SLIIT Campus in addition to the Doctor Neville Fernando Private Teaching Hospital.
"Orchid Malabe" residents could fast track to Galle, Matara, Hambantota and Kataragama in the South and can access Kurunegala and Kandy and other islandwide locations and the Katunayake airport could be reached in 30 minutes.
In addition to five unique designs Sanderiana, Cattleya, Miltonia, Ansellia and Stelis all named after Orchids, Malabe consists of a gymnasium, mini market, jogging track, club house, play area for kids, 24 hour security and free telephone with ADSL and Peo TV connection.
Having completed Orchid Malabe phase I successfully with 89 homes, Malabe Orchid phase II consists of 70 homes,and has introduced two new house styles for customers.
The largest house 'Sanderiana' consists of 4 bed rooms with a floor area of 2670 square feet. The land extent is 10 perches and above.
Stelis the second largest house in phase II consists of 4 bedrooms with a floor area 2234 square feet. The land extent is nine perches and above.
Ansellia, the second style introduced in phase II consists of 3 or 4 bedrooms with a floor space 1780 square feet. The land extend is 6 to 7 perches.
Access to the major motorways, solid construction, security and modern conveniences, residents would rarely need to venture out for any benefits to their daily lives.
That is the uniqueness of Orchid, it invites you to have a healthy life style surrounded by every comfort.
Living Homes to invest billions on affordable housing Fizel Jabir ([email protected])
Sri Lanka’s real estate giant, Prime Lands Group has stepped forward to address the burning needs of the masses by setting up affordable housing units islandwide with an investment of over Rs I billion on its first such project in Ranala. The real leader in the real estate sector thus has formed its newest venture, ‘Living Homes (Pvt) Ltd, which would cater to building affordable housing for Sri Lankans to meet the 1 million new housing target set by the government by 2020, said B Premalal, Chairman Prime Lands Group at a press briefing held at Borella on Thursday. “We created Prime Homes to cater to between Rs 7.5 to Rs 12 million range. But at the same time we then found out that there are large majority of people in the country who do not have that kind of money but they are dreaming for a house of their own. So our vision this time was ‘we create homes for your budget’,”he said. He said it would be ideal if one could obtain a house for a range between Rs 2.5 to 4 million instead of going into a rented house and paying a rent and key money. That key money could be converted into a down payment and the rent into a monthly installment and subsequently be a owner of a house. “That was the concept behind this launch. And where as Prime Homes was catering to Colombo, Living Homes goes outstation, Matara, Kandy, Kurunegala Galle and so on,” said Premalal. He added that people have to pay Rs 1 to 1.2 million to buy a land. If that person can buy a quality house instead for Rs 3.5 to 4 million they would be much happier. Bathiya Satharasingha, CEO Living Homes told Daily News Business that they could invest over Rs 1.1 billion on house construction in their affordable housing project in Ranala Homagama which would be carried out with the collaboration of the National Housing Development Authority (NHDA). In addition another Rs 300 million would be invested on infrastructure development and Rs 50 million on the land to be paid in installments to the NHDA within four years. The Ranala project would consist of 536 housing units with 1/2/3 bedrooms, 400 sq ft, 574 sq ft and 797 sq ft large at a price range between Rs 1.975 to 3.95 million with a very affordable easy payment scheme of 10% for reservation and further 20% payment within a month from the initial reservation payment. The balance payment can be made in three equal payments of 20% each within six months. The final 10% balance installment could be settled during the time of handing over the deed. The second project of Living Homes will commence in Pallekale Kandy in August.
Overseas buyers dominate apartment sales in Colombo, Sri Lanka
As prices of prime apartments rise in Colombo, locals have been priced out of the sector, which is dominated by foreign investors, non-residents and wealthy locals, says top agent, JLL
Most prime apartment projects in the Sri Lankan city of Colombo are purchased by overseas buyers, non-residents and wealthy locals, says a leading agent.
The Sri Lanka property market has seen rising property prices since 2009, thanks to improved confidence in the investment market and Colombo, the largest city and the commercial capital of Sri Lanka, is leading the way, says JLL India.
Apartment costs ColomboGagan Singh, CEO of Business (India) and Chairperson of Sri Lanka Operations says, “Apart from the effect of infrastructure projects, increased migration into Colombo from the country’s rural areas and outside its borders and renewed appetite to own property are raising real estate values.
“There has also been a steady increase in land acquisition within the central and secondary submarkets, thanks to limited availability in the city. In fact, Colombo witnessed an average increase of 5% in land prices in the first half of 2014, while select locations within the central and secondary submarkets saw rapid growth in land prices at around 7-8% since the end of 2013.”
The rise in home prices means most locals cannot afford to buy prime apartment projects in the city, according to JLL’s Sri Lanka – Scaling New Heights report.
“High project development costs coupled with high borrowing costs for housing loans have breached affordability limits and restricted home buying prospects for middle-class Sri Lankans in Colombo.
“Residents with limited income are forced to opt for properties that are at least 20–25 km away from the city limits. The majority of apartment projects in the central and secondary submarkets rely solely on investments from HNI residents, non-residents and foreigners.”
Residential developers are largely targeting foreign investors and non-residents and demand is growing, he says. “High project construction costs limit margin for developers to build affordable housing projects. Therefore, private developers concentrate on high-margin luxury and upper-mid projects within the city. Moreover, as NRSLs and foreigners are investing in the country with an increased interest, the demand for such high-end products is on the rise. Overseas purchasers are not allowed to buy land but can purchase apartments on the fourth floor or above.
“In addition, the preference of foreigners, NRSLs and high-net-worth (HNW) RSLs to stay close to the Central Business District has supported the demand for luxury residences. Sri Lankans who have been living abroad have started to return since the end of the civil war, and this wealthy section of the
Around 3,300 luxury and upper-mid units have been built in Colombo since 2005, but only 1,450 units have been completed, although 98% of completed units have been sold, compared with 57% of those still under construction.
JLL believes that foreign demand is set to continue, but as demand in the luxury and upper-mid segment housing is limited, less than 500 housing units are year are likely to be sold for the next three years, with most in those projects near completion.
Another factor that is helping to boost the economy and overseas property interest is the substantial growth in tourist arrivals which rose 27% to a record 1.3million tourists in 2013 (beating Sri Lanka’ previous record of 1 million in 2012, while the country generated US$1.7billion in tourism receipts= The Sri Lanka Tourism Development Authority (SLTDA) has set a target of 1.5million tourists in 2014 and 2.5million annual arrivals in 2016.
They are led by India, along with high levels from the United Kingdom, Maldives, the Middle East and European countries including Germany and France. There has also been a significant increase in Chinese tourist arrivals.
Sri Lanka is developing its hotel infrastructure to meet growing demand. In 2013, around 1,600 rooms were added and in 2014, the country is likely to see 37 new hotel projects adding 2,500 rooms.
There have been high levels of interest from leading global specialists including Shangri-La, ITC, Starwood, Marriott, Moevenpick and Hyatt, all of which have projects underway. Local companies, including John Keells, Aitken Spence, Jetwings, Amaya Leisure and Laugfs Leisure, have aggressive expansion plans.
As of end 2013, Sri Lanka had approximately 27,000 SLTDA-approved hotel rooms, with a high concentration in the high-end and budget categories. However, the bulk of Sri Lanka’s hotels are in the informal category.
The past two years have seen strong growth in the informal sector, with the government encouraging the set-up of home stay units and guesthouses, among others. There are approximately 233 hotel projects planned or under development across the country, which will result in approximately 15,370 rooms being added over the next five years.
While Colombo is the engine of growth for Sri Lanka, among emerging cities in the country are Kandy, Galle and Hambantota.
Coface, a multinational credit insurance company, identified Sri Lanka as one of the top five new emerging economies in the world. Apart from the investments by developers from India and South Asia, private equity funds have also started actively studying this new emerging market.
Houses for over 2700 families to mark Sri Lankan President's Birthday
Mon, Nov 17, 2014, 11:28 am SL Time, ColomboPage News Desk, Sri Lanka.
Nov 17, Colombo: A total of 2,789 families living in under-served settlements in Colombo will be vested with standard public housing units in high-rises to mark Sri Lankan President Mahinda Rajapaksa's 69th birthday on November 18.
President Rajapaksa is due to declare open four multi-unit high-rise residential housing complexes for this purpose.
The housing complexes have been completed by the Urban Development Authority (UDA) as part of its ongoing program to relocate tenement settlements in the city under the Urban Regeneration Project.
Under the City of Colombo Development Plan, the government will construct high rise apartments with all common amenities to resettle the shanty dwellers and to free the prime land currently squatted by them for commercial and mixed development projects.
The UDA has drawn up plans to resettle 70,000 tenement dwellers in high-rise residential units under the program. The constructions of over 20,000 housing units for them are already in place under the directions of Defence and Urban Development Ministry Secretary Gotabhaya Rajapaksa, in keeping with the Mahinda Chintana Vision for the Future.
President Mahinda Rajapaksa is due to open the "Randiya Uyana" housing scheme consisting of 1137 housing units in Hememulla on his birthday.
The projects,"Sirimuthu Watta" in Edirisinghe Watta consisting of 564 houses, Laksanda Sevana in Kolonnawa Salamulla consisting of 216 houses and "Muwadora Uyaya" with 872 houses will be handed over to the ownership of the public living in tenements by the President on November 21 and December 2 respectively.
Each housing unit is valued at Rs 8 million. Each unit has a space of over 450 square feet, two bedrooms, living area, a veranda, a kitchen and sanitary facilities. The Government has constructed sports grounds, children's parks, road networks and community halls for each housing scheme.
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