Apr 04, 2016 (LBO) – Sri Lanka’s Ekroma Realtors, a privately owned real estate developer, unveiled plans for an apartment complex targeting young professionals and families who need the convenience of city living in a central location.
“We saw that there was scope for growth in the in luxury and modern living market and there were also gaps in this segment,” Onesh Subasinghe, managing director, Ekroma Realtors said.
“Be it for young professionals, families or anyone who needs the convenience of city living in a central location, we have created the perfect solution for the modern lifestyle. We will be marketing to the high caliber people and starting at 36 million rupees per apartment.”
The unveiling ceremony was held at the Jaic Hilton in Colombo, Friday.
Colombo’s real estate market still mainly focuses on residential properties in the upper-income and premium sectors as the country is heading towards upper middle income status backed by low mortgage rates, better pay and bonuses, and optimism about the islands economic future.
Data estimates that upto 80 percent of real estate sector investments are by large firms and are concentrated around high-end apartment developments. Buyers are typically Sri Lankan returnees living overseas, retirees, individual investors and Sri Lankan expatriates.
Subasinghe says not only does the new property take into account the need for a new concept in urban living, but also gives residents a place they can call home in a close knit community, amidst the continuous activity of a developing city.
“Residents can take advantage of the convenience of location while experiencing the best value for money with the highest standard and quality in luxury amenities, high-end finishes, eco-friendly environment and security.”
Located in Colombo 05, Elegant 16, is set to transform simplicity into quality and sustainability, the architect of the project said.
“Elegant 16 is the first of our many boutique concept apartments, with designs and finishes that exude style, comfort and elegance,” Piyal Silva, managing director, Design Advocacy said.
“The apartments have a specially designed open space plan which allows for convenience in family time and entertainment, while also emanating the feel of grandeur.”
The apartments range from 900 sq.ft to 2000 sq.ft (2 to 3 bedrooms), giving residents a range of choice in personalized luxury living,
Elegant 16 is in close proximity to many local amenities such as the British School, Colombo International School, D.S. Senanayake School, Lanka Hospital, Arisi Hospital, House of Fashions, Independence Arcade, the Mini Cooper showroom, Micro car dealers, and much more .
The apartments are expected to be completed by the September 2017.
Understanding needs of young professionals is commended in the apartment market. The price of per apartment starting from Rs. 36mn is really worth considering the convenience of location. There is a huge demand for these properties with eco-friendly much spaces to socialize.