Developers confident Sri Lanka real estate will regain momentum

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Jun 16, 2020 (LBO) – Sri Lanka’s construction sector which ranks as the 5th highest in the nations GDP earnings, after services, manufacturing, agriculture and utilities reports continued interest from local and international buyers as the industry gears towards returning to construction in a COVID-19 affected world.

The current pandemic has left several industries drastically affected including recruitment, retail, travel & tourism, automotive, film & entertainment, logistics, events & sports, oil & gas, food & beverage, real estate & construction, among others.

As the majority of corporate Sri Lanka returned to work on 11 May 2020, under new procedures and precautions for safety, the construction and real estate industry as a whole has begun to re-assess delivery deadlines, sourcing of materials, labour, operational processes and financial plans and access for business continuity as well as for investors/ buyers.

Speaking with Director, Kavinda Weerasooriya – Elysian Realty, On the expected precautions taken in order to ensure safety whilst continuing construction on their new project; Elysian Mirissa, he noted “For the Elysian Mirissa Sales and Marketing team in Colombo, we had already begun implementing agile working methods in terms of administration and back-office functions allowing for managed and measured work progress. We are now pushing for on-line methods so we do not rely too much on in-office/ off-line methods of work to ensure staff safety. With regard to construction safety – we have implemented measures to ensure the highest level of cleaning and hygiene practices on-site as per government regulations. Given the large footprint of the Elysian Mirissa site, we are able to provide our labour force on-site accommodation and meals to further ensure the safety of our staff. In addition to the aforementioned, several tech methods are in the process of being sourced to ensure reduced contact between staff and maintain an efficient working environment”

“However, Sri Lanka, though a developing nation, has shown tremendous resilience during this pandemic situation in comparison to most developed countries. The natural maritime weather conditions combined with a tropical setting has allowed the country to enjoy a very rich bio-diversity as well as providing support in battling and/or being resilient during times such as this. We have also been able to show the world how strong our government healthcare services and infrastructure is. So we can expect, as we have experienced even during the time of curfew, some interest from foreign investors.” Weerasooriya added.

Concluding on the topic, Weerasooriya stated “This situation is a global issue and the effect on the construction industry as a whole was inevitable. What’s important right now is to embrace this new reality and plan our way forward along with a revised construction plan to suit the current conditions. As the overall industry now faces delays, and questions how to ensure staff safety and business continuity, we aim to honour the commitment made to our clients by delivering a final and complete product with minimal delays. Elysian will go ahead with construction, strongly taking into account government advisory and all safety recommendations.”