Sri Lankan property website notes increase in apartment projects in Colombo
Property website, LankaPropertyWeb.com, in its latest data has noted that there has been an increase in the number of apartment projects in Colombo and Greater Colombo areas.
According to the report, based on the certifications issued for Condominiums, Semi Condominiums and Provisional Condominiums by the Condominium Management Authority (CMA), the number of certificates issued has increased specially within Colombo city during last three years and by first nine months of 2017. It has exceeded last year’s total number of units. A marginal growth was observed in greater Colombo (Colombo district other than Colombo city) area.
The data has reportedly indicated a significant decline in other part of the countries from last year to this year so far, which shows that developers are still focusing on Colombo and its suburbs for new developments despite some new developments being launched in Kandy, Galle, Wattala and Negombo.
According to reports, the average floor area in Colombo has been 120 to 135 square meters accept in 2015. There had been relatively large number of condominiums approved and constructed with lesser floor areas in 2015. As a result, the average floor area was recorded as 85 square meters.
The average floor area of the condominiums in greater Colombo area is in the range from 100 to 125 square meters through studied period and it looks stable than Colombo area. The average floor area of condominiums in all the other districts range from 40 to 110 square meters.
The preliminary plaining clearances have been issued to more than 3000 units in Colombo and more than 2000 in greater Colombo. Annual average clearance issued for Colombo was 1600 from 2014 to 2017.
The report further states that greater Colombo average was 1000 and other districts 450. But in the last two years the average of clearances issued within Colombo has risen to 2100 and greater Colombo and other districts remained at same levels. Hence, there are significant amounts of Condominiums that were given primary provisional clearances in Colombo City (3,094) as at 31st August 2017, whereas 2,076 units have been forward for clearance in greater Colombo and 752 units in other districts in the country.
The Colombo 6 has been the most crowded area for condominiums as per the data for the period from 2014 to 2017. Colombo 6, Colombo 13, Colombo 9 and Colombo 03 are the areas with highest number of units given approval by the Condominium Authority during this period.
Lowest level of such approvals was obtained in Colombo 01, 10, 11, 12 where most of the areas have been occupied by either commercial or administrative establishments.
Interestingly more condominium constructions were given Preliminary Planning Clearance in the areas such as Colombo 4, 7 and 6 as at Aug 2017.
The report on the increase in apartment projects in Sri Lanka’s commercial capital indicates the opportunities in the construction sector in the country. It also indicates the increasing social requirements – i.e. hospitals, shopping, recreation, etc. – in Colombo and Greater Colombo areas due to the increase in population in the areas.
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