Fairmount launches second condo project

Fairmount (Private) Ltd, a property development company, buoyed by the success of its first project, is now proceeding with its second project --the Fairmount -- also situated at Buthgamuwa Road, Rajagiriya. The new condos, due for completion in the last quarter of 2009, has been designed to achieve maximum usage of space whilst seamlessly blending comfort and state-of-the-art conveniences. The apartments will adhere to green technologies which is now an internationally accepted concept, the company said.

“With the escalating costs of building materials, we expect construction costs to appreciate by at least 20 to 30% in the coming years,” said Hemaka de Alwis, Managing Director of the company. “However, due to our low overheads and zero borrowings, Fairmount will be offered at competitive prices.”

The company said that given the current economic and security concerns, real estate is the only sector that is appreciating in value. It quotes the 2007 Annual Report of the Central Bank as saying, ‘healthy growth of the construction sector including …increased property development by the private sector’ and added that condominium living has become the preferred norm amongst Sri Lankans who are often worried about the declining security situation within the city.

Fairmount’s first project, ‘The Fairway on the Waterfront’, a luxury apartment complex constructed on Buthgamuwa Road has sold all its condos. The board of directors of the company are Vijaya Malalasekera - Chairman, Hemaka de Alwis - Managing Director / CEO, and directors -- Kavinda Dias-Abeyesinghe, Rohan Iriyagolla and Saminda Jayasekera.