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Sri Lanka’s CDASL pledges to redefine future of Condominium Development

Sri Lanka’s CDASL pledges to redefine future of Condominium Development

The Morning: The newly appointed Chairman for the term 2023/2024 of the Condominium Developers Association of Sri Lanka (CDASL) Pinsiri Fernando said the two main aims are to focus on stabilizing the Condominium sector and providing more networking and connecting sessions for the members.
He made this statement during the ninth Annual General Meeting (AGM) of the CDASL that was held on 5 July 2023 at The Ceylon Chamber of Commerce (CCC). He further stated that he is looking forward to a year of impactful action to uplift the industry and the Association among the stakeholders and the public.
The outgoing Chairman Brahmanage Premalal emphasized the success factors that were achieved over the past two years, even during the global pandemic. Counting on the two key achievements during the tenure which were, getting a representative from the CDASL to the Condominium Management Authority (CMA) Board and granting approval to construct pet-friendly apartments. Many other initiatives and activities that were executed by the Association, namely, proposing an amendment to the new Urban Development Authority (UDA) Act regarding new building regulations, proposing amendments to the Apartment Ownership Law, dealing closely with the Building Materials Corporation (BMC) to get allowance for the CDASL members to directly import building materials for construction, opening the discussion about service apartments with the relevant officials, lodging issues to the Construction Industry Development Authority (CIDA), partnering with the Central Bank of Sri Lanka (CBSL) in its anti-money laundering measures, and organizing the ‘Member Evening 2023’ with significant participation from experts of the field.
The Executive Committee of the CDASL comprises of CDASL Chairman and Chairman of Suncity Developers Pinsiri Fernando, CDASL Secretary Prasanna De Zoysa (Director of SMI Housing Development); CDASL Treasurer Sivarajah Thumilan (Chairman of Blue Ocean Residencies), with members being Managing Director of JAT Property Group Aelian Gunawardene, Chairman of Prime Lands Brahmanage Premalal, Chairman of Global Housing and Real Estate Dasun Wickramaratna, COO of Capitol Developers Dhammike Wasanthakumara; Chairman of Quest and Query Kishore Reddy, Chairman of Home Lands Skyline Nalin Herath, Chairman of Praedium Pradeep Moraes, Operations Manager of Overseas Realty Roderick David, COO of Whittall Boustead Supul Inoke Perera.

OSL take:
Condominium development in Sri Lanka is an emerging business/investment opportunity in the country in line with the overall economic expansion in the country. With Sri Lanka looking at becoming an emerging business destination in the South Asian region and the economic resilience that has helped the country through a global pandemic and an economic crisis, there has been an increase in foreign investor interest in Sri Lanka. The expansion in key economic sectors in the country and the growth and business potential shown by these sectors have made Sri Lanka a strong choice for foreign businesses/investors to explore opportunities. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in condominium development to expand their portfolio in the housing industry. Such investments would ensure quick returns on investments given the overall economic expansion in Sri Lanka.

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Article Code : VBS/AT/20230824/Z_2

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