Opportunity Sri Lanka | » Sri Lanka’s Iconic Development to initiate multiple projects targeting the middle income segment
Sri Lanka’s Iconic Development to initiate multiple projects targeting the middle income segment

Sri Lanka’s Iconic Development to initiate multiple projects targeting the middle income segment

Sri Lanka’s Iconic Development, which is a property development company that had been engaged in providing high end apartment space, has reportedly stated that it is eyeing multiple smaller projects catering to a middle segment which is underserved at the moment.
“That’s the real need of the burgeoning middle class,” Managing Director, Rohan Parikh has been quoted as saying in the local media.
“There’s a gap in the housing market.”
“The gap exists for the middle segment. Super luxury and upper luxury is served well,” he said.
According to Parikh, Iconic will be focusing on two developments to serve the middle gap.
One of the developments is a semi-luxury apartment project priced around Rs. 20-40 million.
The other is in the ‘affordable luxury’ space, with apartments priced around Rs. 10-20 million.
The property investments will come from a Singapore based investment vehicle, ANP, which is part of Apurva Natvar group which has affiliates in India, the Oman and Singapore, he has further noted.
“We feel the need right now is for quick development of smaller units,” Parikh has added.

OSL take:

The new projects being initiated by Iconic Development and the comments by the company’s Managing Director is an indication of the increasing demand for housing solutions for the burgeoning middle class in the country. This is a new business opportunity for foreign companies engaged in real estate and housing. They could explore opportunities in Sri Lanka’s house and property sector and initiate programmes targeting the country’s growing middle income segment.

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Article Code : VBS/AT/20092018/Z_8

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