Iconic Developments Ltd., an infrastructure and property developer, which launched an easy payment plan for potential homeowners, plans to expand its real estate market in the country.
Having completed its landmark project, the Iconic 110 Parliament Road, last year the company embarked on Iconic Galaxy, a luxury apartment complex at a strategic location in Rajagiriya with the groundbreaking taking place early this year.
“We are extremely delighted to be part of the real estate market in Sri Lanka which is very promising and offers a wide scope for expansion,” Iconic Developments Ltd. Managing Director Rohan Parikh said.
Addressing the media on the launch of the easy payment scheme last week in Colombo, Parikh said the growth potential for the real estate market in Sri Lanka is very high and extremely promising.
“We are keen to leverage on the rapidly expanding market in Sri Lanka,” he said. Parikh said the construction sector in Sri Lanka has grown immensely over the years adhering to good construction and engineering standards. Following the norms laid out for construction is what is required.
However, he noted that there could be problems with small builders who might not observe the guidelines strictly resulting in poor quality construction.
The payment scheme offers buyers the opportunity to pay 30 percent of the cost during construction and the balance on completion of the apartment.
Iconic Developments Ltd., Head of Marketing, Tharanga Thenuwara said the easy payment scheme is tailor-made for buyers and is a win-win for the buyer and the developer.
The payment scheme takes off the financial burden of the buyer and relives him or her from the additional cost which usually has to be borne by the buyer.
“We have relieved the buyer from the huge burden of paying the cost of the apartment at once with the facility to pay a large component of the cost on the completion of the home,” Thenuwara said.
The 259-unit luxury apartment complex offering unparalleled experiences is built on a two-acre block of land at a cost of USD 50 million. The apartment complex designed to meet the highest customer satisfaction comprises landscaped gardens, clubhouses, gymnasium, swimming pool, children’s play area and convenience shopping store.
The company hopes to invest around USD 40 million in three more projects and invest further on apartment projects in other provinces.
Backed by the ANP Group in Mumbai, India, Iconic Developments Ltd., has operations in Oman, India and Singapore. - LF