Sept 26, 2007 (LBO) – A new Sri Lankan apartment developer says there is unmet demand in niche markets, though high interest rates from an expanding budget deficit have started to affect the overall property market. “There is a demand for quality apartments. One should stick to niche markets,” Gishanka De Silva, director DGS Holdings Ceylinco said.
Some buyers do not buy apartments merely to have a home but look for quality and class in the property.
Top of the range fittings, high quality tiles and wood work are some of the features a buyer in the ‘niche’ market looks at before purchasing an apartment.
“Quality of material, developers and architecture will classify the design,” Silva says.
The apartment complex ˜LumiÃ©re™ situated in Colombo 5, will be completed and ready for occupation by the first quarter of 2008, DGS Holdings, a joint venture between Ceylinco group and Design Group Five International, said.
The floor space of apartments range from an average of 1,200 square feet to 2,700 and the starting price is 18 million rupees per unit.
The average price of a square foot of apartment is around 15,000 rupees.
Square foot price also determines the level of luxury in th