Home / Property/Construction/ ‘Apartments only 1.7% of Colombo’s living units’: Altair Director Pradeep Moraes

‘Apartments only 1.7% of Colombo’s living units’: Altair Director Pradeep Moraes


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 26 June 2018 00:00

Facebook

Contrary to popular perception, apartments currently account for only 1.7% of Colombo’s residential facilities despite the scarcity of land to cater to rapid urbanisation, an industry leader has disclosed.



Representing Altair as a Director of the iconic development and the Condominium Developers Association of Sri Lanka (CDASL) as its Chairman, Pradeep Moraes told the Sri Lanka Investment & Business Conclave (SLIBC) that even after the 12,000 apartments currently under construction are completed over the next three to four years, this figure would only rise to about 4 to 5%.

In contrast, apartments account for as much as 70% of living accommodation in central Kuala Lumpur, 80% of central Bangkok and 90% of central Mumbai, Moraes said.

Stressing that condominium living was the only solution to increasing urbanisation in areas like Colombo where land is in short supply, he pointed out that if the area occupied by the Altair project had been allocated for houses, it would have been able to accommodate 54 minimum-sized units at most, whereas the development’s twin towers offer 400 spacious luxury apartments, with as much as 45% of total space set aside for public areas, which is much more than the industry average.

The presentation, titled ‘Residential Condominium Market – Sri Lanka’ targeted principally at foreign delegates attending the conclave, highlighted both the emotional arguments and the business rationale that underpin the attraction of the property development sector in Colombo, the fastest growing city in the MasterCard Global Destination Cities Index of 2015.

Moraes also disclosed that 90% of luxury condominium purchases are equity based, and that on average, 65% of purchases are by resident Sri Lankans, 27% by expatriate Sri Lankans and 8% by foreigners.

Quoting the findings of the global real estate services firm Jones Lang Lasalle he said 98% of completed luxury condominium projects in Colombo are sold out, while on average, 47% of projects under construction are sold out. These findings aresupported by statistics from RIU (Research Intelligent Unit) whose corresponding figures are 99%and 49% respectively. In the case of Altair, more than two thirds of its apartments have been sold.

Altair was the Platinum Sponsor of the 2018 Sri Lanka Investment & Business Conclave, themed ‘Partnering for Prosperity.’ The event was attended by 131 foreign delegates, while 128 local participants were registered to attend. It was organised by the Ceylon Chamber of Commerce in association with four government ministries, the BOI, the EDB, the Department of Commerce and the Sri Lanka Conventions Bureau.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

The dark tower – a lighter loftier look after its initial illumination

Thursday, 19 September 2019

WHERE WERE YOU WHEN THE LIGHTS CAME ON AT THE LOTUS TOWER? Wait, what? Are you being serious? Do you mean in the midst of our sea of troubles – from addressing poverty to abolishing presidencies – a singular erection has stolen their thunder? (I


Need waste-to-energy, not energy-to-waste!

Thursday, 19 September 2019

Some appear to think of a leader just by visualising a strong person. Blindly believing with that mentality, hoping for the destination to be delivered is being naïve at its very best. I confess that I would like to see knowledge and understanding w


Gender equality has never been so close but still far from being a reality

Thursday, 19 September 2019

This month the Commonwealth Women’s Affairs Ministers Meeting will assemble in Nairobi, Kenya. It has taken place regularly since 1985, to take stock of the current status of gender equality in our member countries, and to share perspectives and ex


Two things shippers should watch out and prepare for in 2020

Thursday, 19 September 2019

2020 will see changes of regulations for shipping lines considering the environment aspects and also will see the new edition on International Commercial Terms known as ICC INCOTERMS 2020, the guiding document for buyers and sellers to enter into sal


Columnists More