2020 seemed to be the year for the island paradise that is Sri Lanka, as it looked forward to achieve economic growth through the momentum it gained due to favorable policy changes brought forward by the respective authorities. However, the business confidence built took an unexpected turn as the country fell victim for the global pandemic.
COVID-19 came at the worst time possible for the real estate market. The market was still facing the aftermath of the Easter attack, which took a significant toll on the entire country. Since then, the country has gained traction yet again, and it seemed to be on the path towards a boom by the end of 2019. 2020 put these dreams on hold. Due to the change in global conditions, walk-ins within the residential market saw to a significant decline by February 2020.
This unfortunate circumstance has rendered the entire market helpless. However, Span Engineering is known to be resilient. It refused to let go of its effort to deliver its promises. The company has built up its effort to face these challenges, and thus far it has been a resounding success.
Span Engineering (Pvt) Ltd was the result of a dream envisioned by entrepreneur S. Sanjeevan. His dream became a reality on 12th December 2003. After 17 glorious years of continuous excellence, Span Engineering now has evolved into a pioneer in the construction of luxury condominiums in Sri Lanka and has redefined the skylines of the country.
At present, Span Engineering (Pvt) Ltd has successfully completed 19 projects throughout the country. It is currently under the process of working on 4 additional projects in Colombo 06, Rajagiriya, Moratuwa and Nuwara Eliya which is to be duly completed within (in) the near future. Generally, construction companies either mortgage lands or enter into trade partnerships when developing an apartment complex. Span Engineering does things differently. Span Engineering claims sole ownership of the lands which their projects are executed. This facilitates the transfer of deeds on time for its valued customers. Ultimately, Span Engineering gives its customers an assurance, to purchase their dream apartment; leaving no reason for future regrets.
Customers hold Span in the core of their hearts, and is held in high regard due to their on-time project delivery and completion with perfect finishing. On time completion is insufficient if the customer has to wait to indulge in their reserved residential space. The on-time transfer of the deed policy followed by Span Engineering ensures that its customers can get the real value of their own apartments. Each residential apartment is constructed by considering the needs of the busy and modern lifestyle of the customers which ensure the peaceful living. The living conditions give residents a sense of calm and relaxation, and permits them to spend their days peacefully.
A proud owner of a residential space offered by Span Engineering is entitled to a plethora of unique facilities and services. Such value added services include the sale or renting of an existing Span Tower apartment with a guaranteed increase return on investment. And they are also entitled to exchange their existing Span Tower property in favor of new apartment without any hesitate. Additionally, Span Engineering (Pvt) Ltd permits its customers to customize the apartment without effecting to existing structural design units to fit their own personal tastes during the construction period.
Span Engineering has their own team to provide maintenance services to the apartment units. Span Home Services (Pvt) Ltd, makes Span unique from other companies in the construction field since it strives to fulfill the role of maintaining buildings by concentrating heavily on the apartment units on an individual basis. This precise after sales service ensures and uphold the standards.
The Span Engineering team is flexible when it comes to negotiating installment plans. The customer can buy an apartment unit, and the installment based payment plan gives the customer the flexibility to negotiate a convenient payment period and the value of the apartment unit is assured to appreciate by around 30% once the construction is complete as the best return investment they can be expected.
Span Engineering wishes to establish and maintain a good rapport with its customers, so it is natural for them to consider their customer’s financial capacities. The 20-25% market share held by Span Engineering within the real estate market is a testament for this familiarity established between the company and its customers.
These are facts which play a significant role, especially during a period where minimum social interactions are encouraged. Using the lucrative benefits granted by the new regime under the vision of his Excellency the President,. The assistance from the government is an invaluable gift for all the developers to persist in their business activities.
It is important to understand the manner in which the regime change has affected the condominium market, and the manner in which the benefits offered turned out to be a useful gift considering the situation at present. Firstly, the amendment on taxation was significantly important. Certain taxes were removed entirely (Withholding Tax on interest, debit tax, Capital Gains Tax imposed on the Colombo Stock Exchange and the Debt Service Tax and others were adjusted. The VAT and the NBT imposed on all goods and services were unified and reduced to 8%. The greatest relief offered is the reduction of the income tax on the construction industry from 28% to 14%.This, supported by the government’s immediate reaction to the pandemic situation has permitted all developers to soften the blow while assuring quick recovery. The six month debt moratorium granted to assist tourism, apparels and SMEs for which the Central Bank will bear the cost of the moratorium is crucial to sustain the condominium market since the apartment units are significantly appealing to tourists and local housing requirements. The allocation of Rs.100 million to the Presidential Fund by the Central Bank to provide relief to health and social care gave all condominium developers the confidence to face and overcome this situation.
The Chairman of Span Engineering (Pvt) Ltd S. Sanjeevan made a proud statement regarding the trend of the industry as well as their company.
“Only a few dared to re-enter into the construction works after the Covid-19 pandemic in such short notice, and Span Engineering is proud to be one of them. Constructions resumed, and will carry onwards on a daily basis despite the challenges that lurk in every corner. The show must go on, even if the market is in limbo, and even if the company fails to receive funding. We take our promises seriously, and rest assured that the promised apartment units will be transferred to the customers on the agreed date, leaving little reasons for complaints. The fact that Span Engineering Pvt.Ltd completed its 19th project on Span Tower 23 at No.26, Mallika Mawatha, Mount Lavinia on the 14th of March 2020 is a testament to our commitment to persevere despite the challenges that come our way”.
Span Engineering (Pvt) Ltd is on the fast track towards resounding growth, and it considers COVID 19 as the greatest adversary it had to face. It is only a matter of time till the challenge is vanquished.