Aug 04, 2011 (LBO) - About a quarter of apartments in two new high-rise blocks to be built by Sri Lanka's Overseas Realty in its Havelock City project have already been reserved even before construction has started, an official said.
Overseas Realty chief executive Pravir Samarasinghe said demand for apartments was high and that only 10 units remained to be sold in the two towers with 226 apartments built in the first phase.
Overseas Realty (Ceylon), a unit of Singapore's Shing Kwan group owned by businessman S P Tao, is jointly developing Havelock City on a 17-acre block of land with state-run Bank of Ceylon.
Buying interest in apartments has revived after the end of a 30-year war in may 2009.
About 25 percent of the apartments in the second phase, construction on which is yet to start, have been reserved, Samarasinghe told Vimasuma.com, our sister news website.
Construction work on two more towers with 225 apartments is to start in October 2011.
Samarasinghe said a one-roomed apartment in Vaelock City is being sold for 19 million rupees while those with 2-4 rooms will cost in the range of about 45 million rupees.
Penthouses cost as much as 65-90 million rupees.
The project will also have two high-rise blocks for offices and shops construction on which is to start in 2012 and take three years.
The remaining four towers in the third and fourth phases are to open by December 2015.
The total project with 1,080 apartments will be completed by 2015 and cost 350 million US dollars.
Work on the club house for the apartment complex began Thursday.
source - www.lbo.lk
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