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PropertyGuru Asia Property Awards (Sri Lanka) shortlists the country’s best developers of 2017

PropertyGuru Asia Property Awards (Sri Lanka) shortlists the country’s best developers of 2017

Sri Lanka’s most outstanding developers will compete in Asia’s most prestigious regional real estate tilt to be held in Singapore this November

  • Sri Lanka debuts in the PropertyGuru Asia Property Awards Grand Final with nine shortlisted companies competing in the condominium, residential and commercial categories
  • A full domestic awards programme to be held in Colombo planned for 2018

COLOMBO, Sri Lanka – 4 September 2017

PropertyGuru, Asia’s foremost online property company, has named the final shortlist of nominees for the PropertyGuru Asia Property Awards (Sri Lanka) 2017 across the condominium, residential and commercial categories.

Sri Lanka joins the esteemed PropertyGuru Asia Property Awards series for the first time in its 12-year history as the programme expands to emerging markets this year to recognise Asia’s finest real estate developers.

PropertyGuru Asia Property Awards founder and managing Terry Blackbun presents an award in Myanmar

Leading the finalists are Home Lands Skyline (Pvt) Ltd and Blue Ocean, scoring three places in the shortlist each. Vertical living specialist Home Lands Skyline collects two shortlists in the condo categories, while Blue Ocean, a part of one of the island’s largest conglomerates, takes two Design nods. The two firms are also up for special awards in corporate social responsibility or sustainable development.

Two-time nominees D.P Jayasinghe’s and M/S Widac Commercial Interiors (Pvt) Ltd. both earn citations in the office categories. According to a recent report by JLL Sri Lanka, the market expects a strong demand for Grade-A office spaces as the local government ramps up infrastructure improvement projects as well as interest from foreign investors rises.

In the residential categories, Capital Trust collects two nominations, while Shangri-La, Grand Capital Residencies, Blue Mountain, and Balmond Studio round up the shortlist with one nod each.

Under the supervision of BDO, the world’s fifth largest auditing and accounting firm, the nine shortlisted Sri Lankan developers and 12 developments were chosen in the last six months by an independent panel of judges comprising six industry experts led by chairman Dr Nirmal De Silva, co-founder and CEO of Paramount Realty.

“I am pleased with the enthusiasm shown by local developers to participate in the inaugural PropertyGuru Asia Property Awards (Sri Lanka) edition. It exemplifies their commitment to be recognised amongst the best at a regional level. I have been impressed with the design, functionality and processors put in place by the local developers during the site visit stage of the programme. Overall, it is evident that we are reaching world-class standards in the local real estate sphere.”

De Silva’s colleagues on the judging panel are Stephanie Balendra (Director, SB Realtors (Private) Limited); Roshan Madawela (Director and Founding CEO, Research Intelligence Unit); Emeritus Prof. Chitra Weddikkra (Managing Director, QServe Pte Ltd); Steven Mayes (Managing Director, JLL Sri Lanka); and Sanjana Fernando (CEO, Wolvert Apartments).

Sri Lankan developers will be honoured during the seventh annual gala dinner of the PropertyGuru Asia Property Awards Grand Final to be held on Wednesday, 8 November 2017, at the Marina Bay Sands Expo and Convention Centre in Singapore.

Domestic winners from Sri Lanka will also compete later that same evening with other Asian markets for regional accolades, including categories for the Best Developer, Best Mixed Use Development and Best Condo Development in Asia.

Vietnam judge announces a Winner

Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said: “It is important for Sri Lanka to have a detailed and respected awards programme that sets a benchmark for recognising quality real estate in the country. We are delighted to introduce our awards series that is known across the region for fair judgement and transparency of process to Sri Lanka.”

Because of the positive reception of local developers for the Sri Lankan tilt, Blackburn said that PropertyGuru has planned to hold a domestic gala dinner and ceremony in 2018 with an expanded awards scheme to include more than 20 categories – up from this year’s 13 – covering various segments to represent the best real estate on the entire island.

Four-course dinner being served in Vietnam

Presented by title sponsor Kohler, the PropertyGuru Asia Property Awards 2017 gala dinner in Singapore is supported by co-sponsors Regus and Mitsubishi Electric; official portal partner

PropertyGuru.com.sg; official portal partner in Sri Lanka, Lankapropertyweb.com; official South Korea newspaper Korea Economic Times; media partners Oxford Business Group, Southeast Asia GLOBE, Realestate.com.kh, and PropertyGuru Property Report; and official supervisor BDO.

The PropertyGuru Asia Property Awards 2017 takes place alongside the two-day PropertyGuru Asia Real Estate Summit, a top-level networking conference for C-level executives and industry leaders to discuss the future of Asia’s dynamic property sector to be attended by more than 100 delegates and global speakers.

 

Full shortlist of the PropertyGuru Asia Property Awards (Sri Lanka) 2017:

DEVELOPER CATEGORY

Best Developer

  • WINNER will be revealed on 8 November 2017 during the gala dinner in Singapore

DEVELOPMENT CATEGORIES

Best Condo Development (Colombo)

  • Capital Trust Residences: Vajira Road by Capital Trust
  • Treasure Trive Residences by Home Lands Skyline (Pvt) Ltd

Best Residential Development (Greater Colombo)

  • Grand Capital Residence by Grand Capital Residencies
  • Green Valley by Home Lands Skyline (Pvt) Ltd

Best Office Development

  • Construction and Completion of Show Room and Office Building for Mr. D.U.Jayasinghe at No 288, Sri Jayawardanapura Mawatha, Kotte, Sri Lanka by D.P Jayasinghe’s
  • Construction and Completion of Show Room and Office Building for Mr. D.U.Jayasinghe at No 717, Baseline Road, Colombo 09, Sri Lanka by D.P Jayasinghe’s

Best Mixed Use Development

  • One Galle Face by Shangri-La

DESIGN CATEGORIES

Best Condo Architectural Design

  • Achilleion by Blue Mountain
  • King Alfred Palace by Blue Ocean

Best Hotel Architectural Design

  • Jetwing Surf, Pottuvil Point by Balmond Studio

Best Residential Interior Design

  • Capital Trust Residences: Vajira Road by Capital Trust
  • King Alfred Palace by Blue Ocean

Best Office Interior Design

  • Huawei Technologies Lanka Company Pvt Ltd by M/S Widac Commercial Interiors (Pvt) Ltd.
  • Regus by M/S Widac Commercial Interiors (Pvt) Ltd.

SPECIAL AWARDS CATEGORIES

Special Recognition in CSR

  • Home Lands Skyline (Pvt) Ltd

Special Recognition in Sustainable Development

  • Blue Ocean

BEST OF SRI LANKA CATEGORIES

Best Condo Development (Sri Lanka)

  • WINNER to be selected from Condo category winners and announced on 8 November 2017 during the gala dinner in Singapore

Best Housing Development (Sri Lanka)

  • WINNER to be announced on 8 November 2017 during the gala dinner in Singapore

For more information about the PropertyGuru Asia Property Awards (Sri Lanka), email info@asiapropertyawards.com or visit the official website: AsiaPropertyAwards.com

November 6, 2017 / by / in
Land prices in Colombo keeps rising and remains the best investment option

Land prices in Colombo keeps rising and remains the best investment option

Land values in Colombo are growing at a remarkable rate, a recent study has found. According to the national House Price Index maintained by LankaPropertyWeb.com, average land prices in Colombo has increased by 36% within the last year alone, making it the biggest increase in the real estate sector, when compared against house and apartment prices. The overall land prices for the country has also shown an accelerated growth within the last year.

Moreover, a study by Candor Group which compared all investment options, including share market, savings, bonds and property found that lands in Colombo remained the best performing asset class.

Colombo’s land prices heat map shows that Colombo 1, 3 & 7 remains the most expensive, while 9, 13, 14 & 15 are the least expensive, from the lands for sale in Colombo.

Just to highlight how expensive Fort area is, a recent ad on LankaPropertyWeb.com for a land near President’s House in Fort was priced at 30 million per perch.

Buying the freehold of lands in the country is currently limited to residents, while foreign individuals can lease land on a 99-year lease.

With the Port city adding 269 hectares of land in to Colombo and sales expected to start by 2018, it’ll be interesting to see at what prices the lands will be sold at.

While it’s much cheaper to buy an apartment than to buy land and build a house in Colombo and on the outskirts, owning lands remains the best long-term investment due to its double-digit growth in the last few years, which shows no signs of receding yet.

November 6, 2017 / by / in
Foreign ownership of real estate in Sri Lanka

Foreign ownership of real estate in Sri Lanka

With Sri Lanka becoming increasingly investor friendly and seeking more and more foreign visitors to the island nation, the real estate sector has attracted a great attention. As more foreigners have entered to Sri Lanka, there has been an increased interest in purchasing land outright. However, for a number of years this was not an option as there were restrictions on foreigners purchasing real estate in Sri Lanka.

What are the current laws and regulations?

The budget for 2017 proposed that some of the restrictions for foreigners buying real estate will be lifted. This is a sea change from the previous approach to foreigners, only being able to lease land up to 99 years and buying apartments only above 4th floor.

The then finance minister, Ravi Karunanayke was quoted “To further incentivize such investment, we will remove freehold right restrictions from the ground floor”. He made the comments last year referring to the restrictions that were put in place in 2014.

What are the limits on financing?

The changes have suggested that the foreigners will now be able to raise up to 40% of the purchase price of an apartment through the local banking system. However, the debt servicing will have to be done in foreign currency.

Also, the government has announced plans to increase the sums foreigners will be able to bring into Sri Lanka. Foreigners will now be able to bring up to USD 45,000 without the requirement of providing documentation, a significant increase from the previously allowed USD 15,000.

Leasing and buying real estate for Companies?

Currently under the budget proposals, any company that has over 50% foreign ownership and is listed in the Colombo Stock Exchange will be permitted to buy immovable property. This acts to surpass the provisions in the Land Alienation Act which restricts such purchases, if the company is listed in stock exchange.

Also, private companies with majority shareholder ownership would be allowed to lease land on a long-term basis provided, that they have invested over LKR 250 million excluding the price of the land and provided employment to 150 people over 3 years. If those criteria aren’t met within three years, the full value of the lease would have to be paid up front as per the valuation by the government valuer.

What other incentives are there?

Foreigners that invest over USD 250,000 will be allowed residence visa in Sri Lanka under the Resident Guest Scheme Visa programme and anyone over 55 years old can obtain a 2-year renewable visa under the My Dream Home Visa Programme by depositing only USD 15,000.

Sri Lankan government has also encouraged the creation of its Real Estate Investment Trust (REITs), which the investors both local and foreign would find as a highly enticing. Also, it has been proposed spouse residence visas should be granted for a 5-year period instead of the previously set two-year limit.

Providing residency visa to those who buy property in Sri Lanka has been pointed out as a key necessity that the Government should implement in order attract more foreign buyers, according to industry experts at the Investor Forum Sri Lanka held in August 2017.

What are the current laws regarding this and what can a foreigner expect?

Despite many proposals, currently there is no legislation that is in the works to provide legal basis for the suggested proposals and we expect there to be an indication on the next budget speech.  Sources at the Department of Finance and Treasury has confirmed that despite the proposals being made, no legislative steps were taken to enforce said changes. As such the law has remained strict as it was before.

As far as we are aware there has been no change to the regulation of 99 years lease of land to foreigners and we will update if there is any legislation that effects any change. However, it was confirmed that in the case of a tax being applied at the point of transfer of deed, such taxes will be enforced regardless of any down payment dates or any rates that may have existed at the previous date.

November 6, 2017 / by / in
Introducing Bricksgate – The most prestigious Apartment address in Wattala

Lanka Property Web is proud to present the Project of the Month, Bricksgate by Mitko Homes. Bricksgate luxury apartments have emerged as one of the hottest property investments in Sri Lanka due to its, “Urban Haven” concept of combining comfort of convenience with the serenity of a homely residence.

According to Mitko, Bricksgate comes with luxury as standard. Carefully designed with the best practices of British Architecture, the apartments are spacious units that come with separate maid’s quarters with access from outside as well. Furthermore, the units can be customized according to the preference of the customer giving unprecedented personalization towards your home.

 

 

Great location with great investment returns

The location of the apartments, in one of the finest property locations in Sri Lanka has proved to be a major factor in the popularity. Especially with convenient travel routes becoming more and more available, Wattala is increasing in value as a real estate location as per our earlier article on Wattala, which you can read here.

 

Combination of a number of state and international schools, Hospitals, International Food outlets, Recreation in the form of beaches and a sprawling town of its own are contributing to a surge of residential housing prices in Wattala, where price of a 3-bedroom house has increased by 23% in the last year. In an area of such increasing property values, With Bricksgate, you can gain 25% annual yield on your property and apartment prices start from only Rs. 16.5 million.

Good transport links and all essential amenities close by

Bricksgate is located just 150 meters away from the Main Hendala Junction, with many of the locations you will find essential just a walk away. Keells and Arpico supercenter are merely 150 meters away. Hemas hospital is just 400 meters away Also with a filling station within 400 meters and Airport Expressway entrance just 2 KM away you can be assured that your travel needs will be well met. 12.5 Kilometers away from Colombo Fort, your daily commute is bound to smoothen even more over the next few years with Rapid Transport Lines being proposed for the region and the proposed elevated highway and underground tunnels linking Kelaniya to Marine Drive.

About Mitko Group

Mitko Group has over a decade of experience in construction and the inspiration for the housing project came from their endeavors in Australia building Town Houses. The 9 storied Bricksgate building in total consists of 56 units, which includes, 33 three-bedroom units, 21 two-bedroom units and 2 exclusive duplex penthouses. Also, a fully equipped gymnasium, club house, swimming pool, Air-Conditioned Master Bedrooms, 24 Hour security, backup power as well as parking spaces contribute to making Bricksgate an attractive proposition.

 

 

 

Mitko’s Bricksgate apartments have been chosen as the project of the month by Lanka Property Web. For interested parties in Bricksgate, loan approvals from leading banks will be facilitated as well making your housing needs come true.

More details about the property can be found from here.

November 6, 2017 / by / in
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