Condo business faces new issues
Sri Lanka’s once thriving luxury condominium business is now facing an unprecedented crunch this year with a handful of new projects coming up in the next three months after the completion of the construction work of about 3,000-4000 housing units at present , several leading developers said.
The construction work of ongoing projects has been halted due to lack of building materials under import restrictions which hit the industry till the lifting of the ban recently, they complained.
Import restrictions imposed on tiles, sanitary ware accessories, aluminum and high prices of steel and copper have almost paralysed the construction of housing and apartment units creating a crunch in the Colombo condominium business.
“At present developers are not taking up any new projects as planning and costing even in the short term is impossible, the Condominium Association of Sri Lanka said in a statement.
These increased costs made impossible for developers to adhere to previously quoted prices and on the other hand buyers are reluctant to spend money on housing units as they even cannot afford housing loans from banks due to high interest rates.
The developers’ called upon the government to attract investors to invest in new projects offering tax holidays and other financial incentives, as well as streamlining approval processes and providing infrastructure support.
The government has to not only tackle the affordable housing problem in Colombo but also boost economic growth and create job opportunities in the construction sector.
This, in turn, could help to increase demand for other goods and services, contributing to the overall development of the country’s economy.
Newly appointed Chairman of the Condominium Association Pinsiri Fernando, highlighted two main aims that the association will focus on including stabilising the Condominium sector and providing more networking and connecting sessions for the members.
He further stated that he is looking forward to a year of impactful action to uplift the industry and the Association among the stakeholders and the public.
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