The skylines of the world’s emerging cities are being transformed. Colombo is no exception. As construction booms in the emerging markets, cities in these regions will soon be home to record-breaking property developments and some of the most ground-breaking real estate the world has seen.
As the year draws to a close, online property portal Lamudi looks back at the key developments in real estate in the emerging markets in 2015.
One Galle Face, Sri Lanka
This $608 million integrated lifestyle development from Shangri-La Colombo includes high-end residential, retail and office space, as well as a prestigious five-star hotel. The development sets a new standard for luxury living in Colombo and seeks to tap into the growing number of tourist arrivals to the country. Prices of apartments in the Residences at One Galle Face start at $405 per square meter, ensuring the development targets investors, expatriates and Sri Lanka’s growing upper income bracket. The project will also offer seven levels of shopping, dining and entertainment, plus 60,000 square meters of prime office space. Slated for completion by 2018.
Jeddah Tower, Saudi Arabia
This mega project in Obhur, just north of Jeddah, is set to take real estate to new heights. Measuring 1km into the sky, the tower will overtake Dubai’s Burj Khalifa as the world’s tallest building once construction ends in 2020. In late November, the Saudi government announced that Jeddah Economic Company and Saudi Arabia’s Alinma Investment had signed a $2.2 billion deal to build Jeddah Economic City, which includes the 200-floor skyscraper.
International Financial Centre Jakarta Tower Two
Construction of the International Financial Centre (IFC) Jakarta Tower Two entered its final phase in September. Located in the heart of Jakarta’s financial district, the development is billed as a state-of-the-art eco-office tower. The existing 10-storey Tower Two is being redeveloped to offer 49 storeys of prime Grade A office space. The project, from Singapore developer Keppel Land, is slated for completion next year. With features such as rainwater recycling and a range of energy- and water-efficient fittings, the building will be the first in the city to receive the renowned Green Mark GoldPLUS Award from Singapore’s Building and Construction Authority.
Myanmar Center Tower, Myanmar
Strategically located in New Yangon, the Myanmar Centre Tower will offer four blocks of world-class office space totaling 180,000 square meters. With flexible floor plans and customizable spaces, the development is suitable for all businesses seeking to make their mark on one of Southeast Asia’s fastest growing economies. The project is part of the broader HAGL Myanmar Centre, which also includes a retail mall, a five-star hotel and luxury apartments, The Lakes Suites, which started pre-sales in June this year. HAGL Myanmar managing director Cao Duy Thinh told the media that the development would set a new standard for Yangon as the city’s first integrated mixed-use project built to international standards.
Proyecto Akaroa, Colombia
Located in a residential neighborhood in the northeast of Bogotà city, the highly sought-after Proyecto Akaroa housing project consists of 192 apartments of one, two and three bedrooms. There are 16 apartments per floor, each offering the latest in interior design, and common areas such as a pool, gym, sauna and jacuzzi. The development is unique in the city for its rooftop outdoor areas, including a mini golf course, barbecue space and playground.