Financial Times

Breaking new ground with the Regency
If you didn’t know already, there is a property developer in town that is attempting to change the way people look at and pay for their own homes. The company aims to allow potential customers to just about design their own apartment, as well as finding the perfect way to pay for it. In fact Premier Pacific Topaz (PPT), the developer, wants to prove that luxury apartments can be bought at reasonable prices.

At a glitzy official launch ceremony on the 36th floor of the World Trade Centre, Nishan Perera, Managing Director designate of Premier Pacific International (PPI), co-share holder of PPT with Sunshine Far East (Hong Kong), said he hoped the Regency would be a revolutionary development for Sri Lanka in not just construction but for “giving the clients what they want”.
The twin-tower, 11-storey development will offer 220 apartments, split between the two, a swimming pool (the largest for an apartment block in the country), parking for 230 cars, a clubhouse offering a gym and health spa surrounded by a turf roof garden, and a religious shrine room catering for the four main faiths in the country.

“As for choice, there are 20 apartment-types to choose from in three different options [luxury, standard and economy], meaning that really there are 60 variations of style available — unprecedented in the country,” said PPI Chairman Nimal Perera.

With a target market of middle income earners, apartments range from Rs 9,500 to Rs 13,500 per square foot, “significantly lower then most similar styled buildings in the city”, said the Chairman. Introductory prices commence from Rs 7.7 million. To help make the payment easier and more affordable, there are multiple payment schemes that are designed to custom fit each customer. “You don’t need cash in hand to own an apartment. All that is needed is a payment of 75% of the price over seven years, with the company completing the balance through guaranteed rental over five years,” said Mr. N. Perera.

The project collaborative financer is the Commercial Bank, that is also willing to loan out the cost of mortgages to those clients that meet the requirements, the chairman said, adding that this showed the bank’s full trust in the project.

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