Sri Lanka’s Urban Development Authority earns US Dollars through apartment sales.
Daily FT: The State-run Urban Development Authority (UDA) has joined the bandwagon to rake in foreign exchange in an effort to overcome the ongoing economic crisis.
Urban Development and Housing Minister Prasanna Ranatunga said three more housing units valued at around $ 143,700 were sold as part of the Government’s scheme to sell the UDA-built apartments for foreign currency to Sri Lankan migrant workers.
He made these remarks following a progress review meeting of the scheme held recently.
As per the Minister, the first house sold under the program was bought by a Sri Lankan living in Dubai on 27 September.
He said the applications have been submitted by Sri Lankan migrant workers in the US, Canada, Australia, the UAE, Britain, and Bangladesh.
The apartments are part of the Viyathpura Housing Scheme built by the UDA in the Pannipitiya, Kottawa, and Malabe areas.
“Already applications have been submitted for the purchase of another 10 houses at the apartment complexes built for middle-income families by the UDA,” he added.
He also said that they expect to achieve a target of $ 500,000 by the end of this year and $ 1.5 million via the project next year.
Sri Lankan migrant workers can receive a discount of 10% for outright payment of the full value or a discount of 5% for installment payment.
The first house sold under the program was bought by a Sri Lankan living in Dubai on 27 September.
OSL take:
The expanding economic activities in the country and the new long term visa scheme introduced by the government of Sri Lanka targeting foreign businesses/investors have resulted in a growtg in demand for house and property in the country. Local authorities have also made arrangements to sell newly constructed luxury apartments in Colombo in US Dollars. Given the appreciation of the US Dollar in Sri Lanka, foreign businesses/investors could get the best prices for their procurements in the country using US Dollars. Therfore, foreign businesses/investors could explore the opportunities in Sri Lanka’s house and property industry. With Sri Lanka back on the path to return to normalcy after facing many challenges, the country has shown a clear growth in the business potential of key economic sectors. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country will also help the country become more attractive for business transactions and investments.
| Article Code : | VBS/AT/14112022/AT_8 |