Inconsistent policies impede investor confidence in Lankan property market
While investments play an integral part in boosting the property sector in Sri Lanka, the government’s inconsistent policies are impeding investor confidence, says Eraj Rajapakse, Senior Manager for Projects, Asia Capital PLC.
He was speaking to the Business Times on the sideline of a media briefing organised by Belluna Lanka at the Cinnamon Grand Hotel in Colombo on Wednesday. “The government needs to implement consistent policies for investors (both local and foreign) to build confidence in Sri Lanka. At Belluna most of the investors are locals,” he said.
While Belluna Co Japan has invested US$450 million in all projects in Sri Lanka, its first luxury apartment property ‘Belluna 447 Luna Tower’ located in Union Place is scheduled for completion in 2020. The 45-storied project consists of 190 luxurious apartments ranging from 842 sq ft two-bedrooms to 2283 sq ft four-bedrooms. Prices range from Rs. 50 million to Rs. 150 million.
Belluna Lanka (Pvt) Ltd Managing Director, Hiroshi Yasuno at the event stated that Sri Lanka has made rapid growth and opened up for investors creating a friendly environment. “As investors we see potential for developing luxury apartments in Colombo compared to other regional capitals as migration and arrival of expatriates to live and work in the city are happening. The demand for high quality and luxury apartments is expected to grow,” noted Mr. Yasuno.
During the question and answer session it was mentioned that in Sri Lanka there are no skilled labourers who are committed to deliver the product on time. In that case foreign skilled labourers are imported to complete the project and get the job done.
According to a media release issued at the briefing, Colombo is undergoing a transformation in infrastructure and with the ongoing construction of the Colombo International Financial City, the demand for luxury apartments is expected to rise, as more professionals move to the city from surrounding areas and even from overseas to work and live in the vicinity. The 447 Luna Tower reflects a prudent investment choice for prospective buyers seeking to invest in a lucrative project that will generate high return on investment while offering a veritable urban oasis.