Iconic developers to invest USD50Mn in Sri Lanka’s real-estate

Sept 18. 2018 (LBO) - Singapore based property developer, Iconic said they are planning to invest US 50 million dollars in Sri Lanka's luxury/semi luxury and affordable real-estate projects. "We want to deploy an additional fund of US 50 million dollars in Sri Lanka's real-estate market and are looking at two major verticals," Rohan Parikh, Managing Director, Iconic Developments said. "One is the luxury-semi-luxury low rise apartments costing between 20 - 40 million rupees and the second will 10-20 million rupee range affordable housing units." Iconic has already identified two land in the Rajagiriya area and are in the process of securing a third within the Colombo city limits. "For the first two projects we are looking at 20 million rupee investments." Parikh says there is a gap in the islands market and that there is a real need for housing in the emerging middle class. Construction is well underway in the company's Iconic Galaxy, a 33 story tower with 272 super-luxury apartments which was preceded by the developer’s previous  ‘110 Parliament Street’-a project with over 170 residents in Rajagiriya, which opened in 2008.