Indian’s ‘Iconic Development’ prepares second major condo
The property boom has hit Sri Lanka with Iconic Development Ltd (ID) an infrastructure and property developer here, planning to build its second big project in the suburbs of Colombo having successfully sold out the first project almost two years ago.
Rohan Parikh Managing Director of Apurva Natuvar Parikh Group of India which is ID’s parent, told reporters at Taj Hotel in Colombo this week that the company plans to build its second residential apartment building complex containing 250 rooms in a 30 storied building in a two acre land in Rajagiriya – Kotte with an initial investment of US$50 million.
“The project will commence in July and will be completed in three years time. We are looking at selling these units consisting three to four bedrooms and luxury units with five bed rooms with car parks priced at Rs 20-25 million.” He said the buildings are secured with fire safety measures.
He said ID also has in its pipeline a third and fourth project which they hope to announce later. “We are looking at building both affordable apartments and luxurious apartments on both sides of the market. We are also looking at the possibility of building apartment complexes in Galle and in Kandy in future but nothing has been finalised so far.”
He said building in Sri Lanka is far more expensive than in India owing to the high cost of raw materials and the paucity of skilled labour and engineers. “We prefer to employ local labour to provide them with jobs.”
Asked whether there is an oversupply of apartment complexes in the country, he said although there was an oversupply of such apartments most clients consider quality and amenities available at housing complexes. “It is a tough market but customers prefer quality for the right price. Ninety per cent of our clients are Sri Lankan expatriates who hold dual citizenship. Given the current booming real estate industry, we see a bright outlook for further development and expansion of our brand,” Mr. Parikh said.