Research shows that 50% of the units of most luxury apartments were sold prior to the completion of the construction. Further research also indicates that top-end projects appear to perform better than low-end apartments due to higher income levels in the Western province, mainly Colombo.
One of the scarcest resources in Colombo is land. Most of the land that could be used for development has already been utilized. The dearth of developable land in the urban areas combined with rising population density has led to the emergence of high rise condominiums in the Colombo district.
Over the past few years the Colombo district has witnessed rapid development of its outer suburbs and growing popularity of populating migration to these suburbs; especially in Rajagiriya, Battaramulla and Pellawatte area.
Rajagiriya has witnessed few high-rise apartment complexes, and the most talked about project in the area is the iconic ‘110 Parliament Road’ apartment complex located just 2 kilometres from Colombo 7.
‘110 Parliament Road’ is a landmark apartment project with quiet neighbourhood surroundings and views of the Colombo Golf Course and the National Bird Sanctuary with panoramic view of the Colombo City.
‘110 Parliament Road’ remains ideal and competitive with a choice of two, three and duplex apartments, with floor areas of 1600 sqft to 3000 sqft and state-of-the-art amenities such as swimming pools, gym, tennis courts, basket ball courts children’s play area, restaurants, and spa just to name a few. These privileges will be exclusive to the elite owners of ‘110 Parliament Road’ Apartments.
Apurva Natvar Parikh Group (ANPG Group) partnered with Sanken Lanka (Pvt) Ltd., and broke ground and commenced construction in November 2011. The construction is underway and is due for completion in July 2014.
Rohan Parikh, Director of ANPG Group says according to the Government increasing urbanization and population have increased the need for expansion in housing development in Sri Lanka.
According to a study on the semi luxury/luxury apartment market in Sri Lanka by PricewaterhouseCoopers it is estimated that 100, 000 units would be needed to be built per year until 2020 to ensure housing for all.
Further Parikh added, “Our Group diversified into Apartment construction in Sri Lanka following feasibility studies that were done in the country. With Sri Lanka’s economy expected to grow in the coming years we anticipate that the demand for luxury apartments will also continue to grow.
Against this backdrop, 110 Parliament Road is an investment decision of a lifetime. For more information about 110 Parliament Road, call 0777 70 80 90 or visit www.110parliamentroad.com