Business
Condo sales rose in Q1 2021, units below Rs.25mn most sold
Low interest rates were a ‘shot in the arm’ for the industry
by Sanath Nanayakkare
A recent report published by the Statistics Department of the Central Bank of Sri Lanka shows Sri Lanka’s Condominium Market recorded a significant increase in sales transactions in Q1, 2021 compared to the previous quarter.
Prevailing low interest environment as well as the increased supply of comparatively affordable condominium projects beyond the city limits of Colombo have led to the increased number of transactions during the period, the Condominium Property Volume Index shows.
The most preferred condominium units remain to be in the single condominium project category and below Rs.25 million.
With respect to the sales status in completed condominium projects as at the end of Q1,2021, 92 per cent of the units have been sold. Meanwhile, in the ongoing condominium projects, 50 per cent and 58 per cent of units have been reserved so far in single condominium projects and mixed development projects, respectively.
Funding requirements of developers have been predominantly met through pre-sale deposits, bank loans and equity in similar proportions, by the end of Q1, 2021.
The majority of condominium buyers are Sri Lankan residents, and the residence status of buyers remains largely unchanged from historic
data. In terms of the purpose of purchasing, the majority of purchases remain to be for immediate living, while a noteworthy increase could be observed in condominium purchases for investments in Q1, 2021.
The survey has also calculated the averages to get an overall understanding about the funding structure of condominium developments using the percentages of funds received through different funding sources provided by each developer.
Even though the prime source of funding used for purchasing condominium properties has been own funds, the percentage of buyers who have purchased condominiums through bank loans has increased during Q1, 2021.
Statistics Department of the Central Bank of Sri Lanka launched the Condominium Market Survey during the 3rd quarter of 2017 with a view to obtaining market information, considering the importance of this sector to the real estate industry and thereby to the overall economy. The survey is carried out on a quarterly basis and the respondents consist of the members of the Condominium Developers Association of Sri Lanka and other key market players.
Meanwhile, Roshan Madawala, Founder of Research Intelligence Unit (RIU) speaking at a Property Guru webinar said last week that developers of residential condos say that their business is good and steady. He went on to say that the reason for this is the government’s bold decision to slash interest rates which has provided a ‘shot in the arm’ for residential developers.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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