Sri Lanka’s housing leader scales new ‘Heights’ in apartment building

As the Sri Lankan economy continues to register significant growth, China, India and Hong Kong have been the top three countries currently investing in the Sri Lankan real estate market, according to new research from a leading online real estate platform. 

In addition to numerous luxury residential projects, the Colombo Megalopolis plan, an impressive mixed development project, could have a considerable impact on the nature of the residential market, including an exponential growth in land values in the city and its environs.

Gangarama Lakefront area has been ear-marked for linear park and promenade developments and one such project is the $ 400 million shopping and residential complex in the Lakefront area. Sources indicate that the UDA received $ 23 million for a 99 year lease of the two acres of land on Sir James Peiris Mawatha. Meanwhile, the Galle Face area of Colombo 02 has been ear-marked for further tourism development and the recent deal with the international Shangri-La Group which bought a six acre block of state land in Colombo’s ‘Galle Face’ beach front for $ 125 million to build a 500 room hotel, shopping and apartment complex.

The tenant mix at high-end apartments, indicate that over 67% are occupied by foreign professionals. This fact, coupled with lower interest rates offered by banks for Fixed Deposits have made investing in apartments a more viable option. The greater level of security enjoyed by apartment residents is yet another positive feature, which makes apartment living more attractive to many.

These are factors which have seen many Sri Lankan companies, which are already in the real estate sector, increasingly investing in apartment buildings, especially in Colombo and suburbs.

The Heights

The professionals behind ‘Millennium City’, a byword for excellence in township development, have now extended their expertise into building apartments for discerning, up-market clientele. ‘The Heights’, which marks their foray into the world of vertical living, will comprise 30 apartments with three bedrooms each, boasting a host of luxury, fitness, safety and environment-friendly features.

This complex is to be built by MC Urban Developers Ltd., a subsidiary of Millennium Housing Developers PLC, who have earned the trust of home owners with their Millennium City Project, two of Sri Lanka’s best-known landmark township developments, Urban Range and Millennium Villas projects, with over 4,000 satisfied clientele, across a variety of locales.

The Heights is scheduled to be completed by mid-2017.

The Heights is situated at Edmonton Road, Colombo 05, just one block away from Baseline Road, in close proximity to leading private and international schools, hospitals, supermarkets, clubs and many other amenities which are conducive to urban living. 

The apartments are ergonomically designed in a manner that maximises the efficient the use of space, resulting in larger bedrooms and living spaces, as well as more natural lighting and ventilation. It also optimises the feeling of ‘homeliness’, while living in an apartment.

Well-known brands such as Grohe, Toshiba, Mitsubishi, American Standard and Elba are represented in the apartments’ fixtures and fittings, which lend them a touch of elegance, in addition to reliability and durability. Wi-Fi and satellite TV facilities are available for all residents.

Solar panels provide electricity for use in all common spaces, thereby reducing the apartment owners’ financial contribution towards their maintenance. Rainwater harvesting is another feature, which provides water for maintenance of common spaces, including the gardens and all greenery within the apartment complex.

A jogging track, on the rooftop, provides ample space for jogging and brisk walking, while a fully equipped gymnasium with treadmills, machines and free-weights cater to the needs of many types of fitness enthusiasts. A separate area has been allocated for aerobics and yoga, which helps in maintaining all-round fitness. 

In addition to 24-hour security within the apartment complex and standby generators, each apartment comes with video doors. The images from the video doors can be accessed by smartphone.

The barbeque area is ideal for residents to get together and socialise on those special occasions or whenever they are in a mood to have a good time. A well-stocked library also adds to joy of being among those with similar cerebral pursuits. 

Apartments at The Heights can be reserved with a down payment of just Rs. 500,000. The balance can be settled in convenient instalments before June 2017.

Apartment owners are assured of getting their deeds on time, following the completion of legal formalities.

As Sri Lanka’s leader in home building and township development, Millennium City Developers have certain unique advantages, built over the years. 

MC Urban Developers Ltd., a subsidiary of Millennium Housing Developers PLC, has undertaken The Heights as a BOI project, which is governed by BOI laws. It is also a Public Quoted Company, thereby assuring apartment owners of ample legal protection. 

This project is backed by the Nawaloka Holdings.

Superior design as well as durable buildings has been the distinguishing hallmark of all projects undertaken by Millennium City Developers. Apartment owners at The Heights can be assured of the very same meticulous attention to detail and conscientious craftsmanship. The design concept behind The Heights has been implemented after careful research into customer needs and aspirations.

Lower costs

Having been in the construction industry for so long, with many successful projects to their credit, the developers have built up excellent economies of scale, as well as many other cost advantages in purchasing, design and construction. The resultant lower costs are passed over to customers, in the form of relatively lower prices among apartments of a similar size, scope and location.