Zero-level city planning in Colombo, says Lankan expat from Arizona
Colombo is becoming a congested city in Sri Lanka with endless number of apartments coming up sans proper standards and approvals owing to zero level planning of the city. Lack of development on infrastructure of roads, sewage lines and garbage disposal facilities are concerns that could create a bubble very soon in the real estate sector in Sri Lanka.
Mahesan Samarav i j e ya , Chairman and CEO of Dynasty Residence in Kandy, shared his thoughts on where Colombo’s real estate sector is heading in an interview with the Business Times.
He said, “Colombo is not a planned city, everything is built everywhere and it’s too congested. For development to take place in the city first you need to have the infrastructure in place. Roads, sewage lines and garbage disposal facilities need to be analysed which many property developers neglect completely.” There is a concer n that in Colombo the real estate bubble will burst very soon because too many apartments have come up due to zero level city planning, he added.
An expatriate based in Arizona, US, Mr. Samaravijeya invested US$ 6.5 million on Dynasty Residence. He stated that the apartment market is very new to Kandy. Dynasty Residence being the first mixed development property in Kandy, it was difficult at that time to execute the idea of an apartment. But now other property developers are eying the city since it’s considered as the next best investment destination in Sri Lanka, after Colombo.
“The problem here is that we don’t have proper building rules and safety standards. Developers don’t pay attention to the safety of the residents in the apartment; all they care is to make money somehow,” noted Mr. Samaravijeya.
He also mentioned that the country needs to invite the expatriates back here to invest in the country and create a conducive environment to succeed, rather than targeting them to make money. The government needs to make conscious efforts with regard to this and encourage them.
“This is not the country I was used to be when I left to the US. There was law and order, respect for one another regardless of col- our or religion. But now things have changed a lot,” stressed Mr. Samaravijeya.
Speaking of the Dynasty Residence, he elaborated that it took almost seven years to clear all documents and get the approvals to build the property. The cost of building the property in Kandy was much cheaper than in Colombo. The price of the 19 storied high end property on average is $240 per sq. ft whereas the same property in Colombo will be around $450 per sq. ft. The value of the property will double once the proposed Colombo- Kandy Expressway is ready.
Mr. Samaravijeya noted that this is the first apartment in Sri Lanka that is built under the US Green Building LEED ( Leadership in Energy and Environmental Design) system. The property is designed to discourage the use of air conditioners. There are lots of void spaces left inside the property for huge air pockets to flow from the roof top to every apartment in the middle, he added.
The property has 93 apartments with 17 unique floor layouts to ensure non-duplication. There are 24 one-bedroom, 23 two-bedroom, 37 three-bedroom apartments, five four-bedroom duplex style sky villas and four uniquely designed penthouses with private rooftop gardens, golf puttings and entertainment areas.
On the rooftop there is a 170 metre-long jogging track around the edge of the property. There are also common facilities such as restaurant, BBQ area, a function hall, gym and swimming pool on the fifth floor of the property overlooking the Mahaweli River.
The apartment complex is built at Katugastota, 30 metres away from the Mahaweli River bed.
Mr. Samaravijeya stated that construction of the apartment complex began on July 2014 and will be completed by end September this year. “The investment made at that time was $ 6.5 million, but if you are investing on the same kind of apartment today it will cost $ 33 million,” he noted.
He also stated that his next venture is to build a model city in Kandy for middle income people.