Sri Lanka’s construction sector reports continued interest from international buyers
Sri Lanka’s construction sector, which ranks as the fifth highest in the country’s GDP earnings, has reported continued interest from local and international buyers in local real estate as the industry gears towards returning to normalcy following the closure due to the Covide 19 global pandemic.
Sri lanka’s construction and real estate industry as a whole has reportedly begun to re-assess delivery deadlines, sourcing of materials, labour, operational processes and financial plans and access for business continuity as well as for investors/ buyers.
Director, Kavinda Weerasooriya of Elysian Realty, speaking to the local media on the expected precautions taken in order to ensure safety whilst continuing construction on their new project – Elysian Mirissa, has said, “For the Elysian Mirissa Sales and Marketing team in Colombo, we had already begun implementing agile working methods in terms of administration and back-office functions allowing for managed and measured work progress. We are now pushing for on-line methods so we do not rely too much on in-office/ off-line methods of work to ensure staff safety. With regard to construction safety – we have implemented measures to ensure the highest level of cleaning and hygiene practices on-site as per government regulations. Given the large footprint of the Elysian Mirissa site, we are able to provide our labour force on-site accommodation and meals to further ensure the safety of our staff. In addition to the aforementioned, several tech methods are in the process of being sourced to ensure reduced contact between staff and maintain an efficient working environment”
“However, Sri Lanka, though a developing nation, has shown tremendous resilience during this pandemic situation in comparison to most developed countries. The natural maritime weather conditions combined with a tropical setting has allowed the country to enjoy a very rich bio-diversity as well as providing support in battling and/or being resilient during times such as this. We have also been able to show the world how strong our government healthcare services and infrastructure is. So we can expect, as we have experienced even during the time of curfew, some interest from foreign investors.” Weerasooriya has added.
Weerasooriya has also noted, “This situation is a global issue and the effect on the construction industry as a whole was inevitable. What’s important right now is to embrace this new reality and plan our way forward along with a revised construction plan to suit the current conditions. As the overall industry now faces delays, and questions how to ensure staff safety and business continuity, we aim to honour the commitment made to our clients by delivering a final and complete product with minimal delays. Elysian will go ahead with construction, strongly taking into account government advisory and all safety recommendations.”
OSL take:
The value of real estate in Sri Lanka shows signs of increasing due to the recommencement of economic activities in the country. Also, Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment, the many trade agreements as well as trade concessions enjoyed by the country will help Sri Lanka regain its position as a business hub in the South Asian region. Business/investment interest in Sri Lanka would therefore see an increase in the near future. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s real estate sector.
| Article Code : | VBS/AT/20200618/Z_4 |