- Lower land prices and renewable energy use increase demand for MHD apartment projects
The demand for high-rise apartments that offer luxury, modern conveniences, recreational and fitness amenities located in close proximity to the city will continue to grow predicts a study published by Jones Lang LaSalle international real estate consultants.
Apartments priced around Rs. 25-35m, especially on the city’s border, is in high demand, confirms one of Sri Lanka’s premier real estate developers and pioneer township developer Millennium Housing Developers PLC.
Millennium Housing Developers PLC successfully diversified in to high rise projects last year, launching its first high rise apartment project ‘The Heights at Edmonton’ at Edmonton Road, Kirulapone, quickly followed by The Heights at Nawala Road, Colombo 5. Its latest at 504, Rajagiriya Road, Rajagiriya reflect the same concept of providing high standards of luxury and style to corporate sector executives and entrepreneurs as residences or as investments.
Attractively priced to offer affordable luxury, Green Heights at 504 Rajagiriya is particularly noteworthy for its design, which matches the needs of corporate sector managers and entrepreneurs for a higher standard of style and elegance, practical convenience, recreational and sports facilities and low maintenance costs.
Millennium Housing Developers PLC has shown steady growth through this initiative.
The Chairman’s Review of 2013/14 predicted such a scenario. “Despite this industrial set back experienced in 2013, the potential demand for affordable middle income housing continue to surge due to rapid urbanization, high price on renting or lease housing and decline in housing loan interest rates. Looking ahead, the government is focused on achieving a per capita of US$4,000 by 2016; highly encouraging for housing sector…” it said
“We learned a lot about the needs of our target consumer before we launched our first city high rise project The Heights at Edmonton Road Colombo 05. We gained more knowledge with The Heights @ Nawala Road. We can now say this project is more keenly attuned to our customer’s genuine needs than ever before,” said MHD Chairman Harshith Dharmadasa.
“A luxury apartment in the outskirts can give you better value in terms of living style and standards, simply because the developer’s outlay for land is lower here than in Colombo; customers get the convenience of Colombo, with a much shorter commute plus higher standard of luxury at a lower price,” he said.
Rajagiriya is one of the key areas in the Kotte city development plan 2008-2020.