By Zahara Zuhair
While introducing an attractive payment plan for homeowners for the US $ 50 million Iconic Galaxy real estate project in Rajagiriya, which is to be completed by 2020, its developer, Iconic Development Ltd, said that it has more projects in the pipeline to cater to the middle-class as it sees a huge potential for urban housing in Colombo.
“Colombo has one of the lowest urbanization from any major city in South Asia. It also has one of the fastest growing economies. So, it is the natural requirement for urban housing, what we call affordable luxury,” Iconic Development Managing Director Rohan Parikh said.
“Iconic believes it is a fantastic time to invest in semi-luxury pace. With the entire Western Region Mega Polis Plan and economic growth, we see a huge potential in new urban housing,” he said.
As of now, the Iconic brand collectively has built 433 apartments in Sri Lanka having completed the US $ 30 million Iconic 110 Parliament Road, last year.
The Iconic Galaxy, which is its second project, broke ground in January this year on a one-and-a-half-acre land, which will have 33 floors with 258 units. The officials said that the piling work is in progress and already they have received good response.
“What Galaxy is all about is, we give luxury at semi-luxury price,” Parikh said. The starting price of the units will be Rs.27 million.
They believe that being in the centre of connectivity, Rajagiriya has blossomed to command the fastest growing property value in Sri Lanka.
It has been evident with the government planning a new elevated road connecting the existing expressways from Dematagoda to Rajagiriya, Battaramulla, Kaduwela and Colombo city. A light railway system (LRT) with the help of the Japanese government, a US $ 1.2 billion project, is also to be initiated, connecting Battaramulla to Colombo CBD and the Port City.
In the meantime, the payment plan introduced for the ongoing project, invites the buyer to pay only 30 percent of the total cost during the construction period and the balance 70 percent on completion of the apartment.
“The sole reason for bringing in this scheme is to decrease the financial burden of our customers. The main benefit of this payment scheme is the absolute transparency it offers, with buyers having the assurance that the project is moving ahead as promised by the developer,” he said.
This payment scheme will be valid until August 31, 2017.
“As it becomes advantageous to the buyer, it will remain a win-win for the developer too. The inflow of funds to the developer remains, while the buyer is not under a huge upfront financial burden when buying his dream houses,” he added.
Iconic Development (Pvt.) Ltd is a full subsidiary of Apurva Natvar Parikh Construction (ANPCL). It has been in construction and property development since 2000, with projects including luxury residences, commercial and office developments, slum development, clubs and hotels and landholding.
The parent company of ANPCL, The Apurva Natvar Parikh Group (ANPG), dates its roots to 1947, having operations that span across South East Asia, the Middle East in the areas of specialised transportation and lifting, shipping, logistics and warehousing, hospitality, IT outsourcing, education and real estate.
However, they said that for now they are keen on investing on the real estate segment in Sri Lanka, where they also have involved in the transportation segment, helping to move out a large power plant being mired in the Kalani River a
few years ago.