By Rashika Fazali
Only few apartments are seen around Rajagiriya but the most talked about apartment project today is ‘110 Parliament Road’ apartments, located in a serene area with views of the Colombo Golf Course and the National Bird Sanctuary. The apartments feature state-of-the art facilities such as swimming pools, gym, tennis courts, basket ball courts, children’s play area, restaurants, spa just to name a few. Customers have a choice between two, three or four bed room units, with penthouse apartments available only through invitation.
The Daily FT interviewed Apurva Natvar Parikh Group (ANPG) Director Rohan Parikh to find out more about the iconic ‘110 Parliament Road’ apartments. Following are excerpts of the interview:
Q: Why should customers invest in a ‘110 Parliament Road’ apartment?
A: There isn’t a main reason, but a couple of reasons as to why they do invest in our apartment: Some purchase it to live in permanently while others use it as an investment with the intention of reselling or renting it out. There are others who acquire it as their retirement home or as a holiday home, and few others purchase to gift it to their children.
Q: Out of many possible locations for apartments in Sri Lanka, why was Rajagiriya chosen?
A: It’s a central location that’s closer to international schools, hospitals, supermarkets, embassies, etc., and it’s also situated near McDonalds. Moreover, it’s a 15 to 20 minute ride to the Colombo city, certainly taking off with the hustle and bustle of the city. We are located within easy reach of the new Galle Expressway and the Airport Expressway. That alone will cause the property value to appreciate much faster as these roads become widely used. However, we also have to note that Rajagiriya is a very peaceful area with beautiful views.
Q: What is the price range of the apartments?
A: A two bedroom apartment will cost Rs. 21.7 million upwards while a three bedroom apartment will cost Rs. 28.3 million upwards.
Q: How much has the company invested on the entire project?
A: We have invested $ 30 million for this project.
Q: Research shows that 50% of most luxury apartments units are sold prior to the completion of the project, how many units have ‘110 Parliament Road’ sold so far?
A: One third of the units have been sold since our launch in March 2012.
Q: Before the completion of the project, are you hoping to have sold all the units?
Q: When considering the price per square foot of ‘110 Parliament Road’, how different is this apartment in comparison to others?
A: Simply, we offer our customers value for money and which includes furnishing the apartment with quality fittings. Our quality is in the same level as any other top end apartment complex in town. Whatever it may be; floors to bathroom fittings to kitchens, the primary entity we looked at, is the quality. In comparison to the quality and the range of facilities to the price factor, I would say this project is one of the best in terms of value for money in Colombo.
Q; When do you hope to get the return on investment?
A: Well, at the moment, our clients are experiencing a ROI due to the appreciation. However we expect a further significant appreciation on completion of the project in the future, especially once the highways which are close to our apartment starts been utilised.
Q: Future plans? Have you invested in anymore apartments?
A: We are doing the ground work for the next apartment project which will be another land mark project in the city of Colombo.