Building Bubble

A new 210 unit, 21 floor apartment complex is in the making under a Rs. 5 bn Board of Investment (BOI) venture between Hong Kong based Sunshine (Far East) Ltd. and Premier Pacific in Sri Lanka.
The Premier Pacific Topaz (Pvt) Ltd., project due for completion in early 2006 has mapped out 16 different layouts ranging up from a 350 square foot studio apartment up to a 1500 square foot suite. rn

rnThe complex will have all the frills of a modern luxury apartment complex complete with a swimming pool, food court, sports and exercise facilities, supermarket and possibly a mini spa too. rn

rnPremier Pacific officials on Monday refrained from disclosing prices per unit, but speculative estimates range above Rs. 3 million. rn

rnApartments will be pre-sold to raise part of the capital, with the rest sourced from the local financial sector, officials said, adding that the quantum and the methodology for raising finances was still on the drawing board. rn

rnOfficials say low housing interest rates and the