Trillium Group breaks ground for $ 15 million Trillium Duplex in Colombo
Daily FT: Trillium Group, a leading real estate developer in Sri Lanka, has begun the construction for its highly anticipated project, Trillium Duplex – Colombo 5 located in the residential side of Colombo 5 on a private road called Lionel Edirisinghe Mawatha.
This marks the third real estate development Trillium has engaged in, in the Colombo 5 locality, with the other two being the Trillium Tower Colombo 5, and Trillium Havelock Residencies.
With a total project value of $ 15 million (Rs. 4.5 billion), Trillium Duplex – Colombo 5 is set to redefine urban living in the heart of Colombo being the first Duplex only Development in Colombo. The project comprises 60 luxurious duplex apartment units, offering a range of 2, 3, and 4-bedroom layouts to cater to diverse lifestyle needs. Ahead of the groundbreaking event, Trillium said that over 30% of the units have already been sold in pre-sales, indicating strong market demand and investor confidence in the project.
Trillium has partnered with San Piling Ltd., a renowned construction company, for the piling process. The contract has been awarded to Sanken Piling, with mobilisation scheduled to begin on 16 April. The piling process is estimated to take approximately four months to complete, laying the foundation for the subsequent phases of construction.
Trillium Group Chairman Janaka Ratnayake said: “We are excited to break ground on Trillium Duplex – Colombo 5, a project that embodies our continued commitment to delivering exceptional living spaces of unparalleled quality. With strong pre-sales and a strategic partnership with Sanken Piling, we are confident in the success of this venture.”
OSL take:
Sri Lanka’s ongoing economic activities have resulted in a growth in demand in the house and property sectors. The increased interest among foreign businesses/investors to engage with Sri Lanka has in-turn increased the demand for real estate and house and property in the country. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions have made the country a potential business destination for foreign businesses/investors. The existing business/investment opportunities in the country would see a two fold increase with Sri Lanka aiming to become a regional hub. The demand for house and property would therefore see a growth as well. The increasing business potential in the house and property sector is evident by the increasing number of housing development projects being launched by local businesses. Foreign businesses/investors could also look at opportunities in Sri Lanka’s house and property sector while also looking at forming collaborations with local businesses engaged in the sector to further expand operations.