Smart home-buyers move toward Kottawa real estate to avoid Colombo congestion
Following on from the success of their initial 77 unit housing concept, Aspic Homes launches their second phase of town-house homes in Kottawa, ‘The next Colombo’ for capital gains and steep property appreciation.
As a joint venture with the Urban Development Authority, under the Condominium Authority, Park Lane Residences is built on a five acre plot which has since purchase tripled and is expected to triple again, in the next five to six years with the ongoing infrastructural developments underway. Aspic Homes’ initial 77 housing units were launched in 2008, with a resultant property value increase by over 200 percent in the last ten years. The steep property appreciation is as a result of the completion of the network of highways, improvements to the main bus depot as well as general infrastructure and sewage developments.
Aspic Homes now makes way for further expansion with an additional 43 three-storey, semi-luxury, villa style townhouses. Offered as three and four bedroom, freehold title properties, priced in Sri Lankan rupees, with the possibility of immediate occupancy the project is scheduled to be completed by 2019.
The 2,800 to 3,300 squarefoot houses (including a roof terrace) starts at Rs.14.9 million with an early investment entry option, offering customisable property options. Designed around convenience of location, unpolluted eco-environments and peaceful serenity, offering owners access to an exclusive resident pool, gymnasium, mini mart, walking track, daycare, library and ample private parking with washing bays and car charging points, and more.
Commenting on the launch of their second project, Aspic Homes Chairman Sampath Wickramasinghe said: “Park Lane Residences is in essence a luxury town-house project, not only in its concept, design and unit mix, but also in its market offering. By offering residents the opportunity to not just purchase land, but also receive customisable homes, with the added frills of apartment living, such as a swimming pool and state-of-the-art gymnasium, we aim to provide a unique property investment and living option. Kottawa’s property value has already doubled in the past six years, and we expect the current project to double in capitals gains in the next three years.”
With the Proposed Industrial and Economic Hub creation, the Light Railway System (LRS), Green university, Moratuwa Technical University, Techno City and other anticipated largescale developments due by 2025 according to the Megapolis, Park Lane Residences is poised to be the ideal locale for Sri Lankans looking to enter the real estate market. With the development of Kottawa’s infrastructure and the increase in employment opportunities in the area, it is poised to be ‘The next Colombo’.
Park Lane Residences have become both and investment opportunity as well as a home to locals, expatriate families and foreign nationals alike. With construction well underway and on schedule, this project is poised to be the perfect blend between apartment living and suburban lifestyles, striking a balance between classical design, spacious living and investment gains.
The project partners are renowned Architect - ‘Designs Group’ by Russel Dandeniya; Project Structural Engineers COLAK Design Consultants; and Banking Partners - Hatton National Bank (HNB) and Seylan Bank.