Sri Lankan Condominiums And Luxuary Apartments Rank

[Watchman]

The developer being Sigaporean follows all Singapore standards. So if they promise something it'll be there for sure.

but also depends on what singapore standards they mean.. cos a normal HDB flat in S'pore wouldnt be that much of a big deal, cos its no different than any other Sri Lankan 'flats'.... then there are the Condos here that really are dam nice, but sell at rates as high as a S$1.0-S$1.2... thats about 80 million rupees.. then again S'pore has issued with land.... but honestly US$300,000 for a condo in Sri Lanka is a LOT!!!! I dont think the builders even have the local clients on thier agends... cos 30mil isnt petty cash in SL, and someone who does have tat kinda money would probably build their own house in the suburbs and still probably save chunks of cash...

[Jith]

but also depends on what singapore standards they mean.. cos a normal HDB flat in S'pore wouldnt be that much of a big deal, cos its no different than any other Sri Lankan 'flats'....

But similarly the vehicle prices and fuel are going up. But do we see a reduction in vehicles in the Lankan Roads? There will alway be a demand for housing and also luxury housing in my opinion.

[xXx]

I have been realiably informed that it was demand from expats buying property in the local market which resulted in the price hikes the market has seen. and apparently that demand has fallen a bit over the last couple of months

I still find it completely unbelievable that condominiums are selling at prices like £250 000. You can buy a nice flat in London for that kind of money, and with such a large earnings vs cost ration per housing unit I wonder who are really buying these and whether there is any equity in such transactions. I mean mortgage interest in SL is also quite high these days !.

i doubt the market price will go down even when demand fall as taxes and inflation will be boosting the cost of the project.

hhmmm... flat in london for £1/4mil, unless it's in zone 4 or 5. in central london you can't even buy a studio for that money.

i think these prices are justifiable, if someone to buy a a plot of land and to build a house in a prime location it'll come to more or less the same amount. about 4 years ago a decent house in cinnamon gardens was between 40 to 50mill. i know a house holds more value than a flat but lets face it there's simply no room in heart of colombo to cater to the demand.

[gpmac]

Jutith r u in someway associated with Havelock Cty, if so please provide more details of the project, the August 2008 initial deadline will be met I figer, not sure if the whole project will be completed by 2012

Dawson Grand seems to be the most expensive of the lot, even a 1 bedroom apartment starts at over US$250,000

[The Don]

i doubt the market price will go down even when demand fall as taxes and inflation will be boosting the cost of the project.

hhmmm... flat in london for £1/4mil, unless it's in zone 4 or 5. in central london you can't even buy a studio for that money.

i think these prices are justifiable, if someone to buy a a plot of land and to build a house in a prime location it'll come to more or less the same amount. about 4 years ago a decent house in cinnamon gardens was between 40 to 50mill. i know a house holds more value than a flat but lets face it there's simply no room in heart of colombo to cater to the demand.

well Bro you can in reality go as close as Zone 3 if you are in West London, and Zone 1 (E1) if you are in East London, but if you familiar with the city of London you will know how the prices fluctuate .

And I know this because a friend of mine was looking for a flat to buy and we did a bit of research, plus I live in Zone 3 W5.

In central London and in a trendy area you can't even get a studio flat for that money beyond Barons Court, but I wasn't talking about WC1 W1 and W2 post codes.

What I was talking about was the cost vs earnings issue.

And XXX land value is an issue but remember you are putting 10, 20 I do not know how many flats on top of each other, so its a different equation.

And yes you are correct there is probably no room in the heart of Colombo to cater the demand. But what is the market for these flats ?. In many countries its young executives, but they seem to be priced out of the market at these prices. Also mortgage interest rates is another key factor which determines affordability.

I am sure there is a market for these properties because obviously they are selling. which market sector is my question.

[xXx]

well Bro you can in reality go as close as Zone 3 if you are in West London, and Zone 1 (E1) if you are in East London, but if you familiar with the city of London you will know how the prices fluctuate .

And I know this because a friend of mine was looking for a flat to buy and we did a bit of research, plus I live in Zone 3 W5.

In central London and in a trendy area you can't even get a studio flat for that money beyond Barons Court, but I wasn't talking about WC1 W1 and W2 post codes.

What I was talking about was the cost vs earnings issue.

And XXX land value is an issue but remember you are putting 10, 20 I do not know how many flats on top of each other, so its a different equation.

And yes you are correct there is probably no room in the heart of Colombo to cater the demand. But what is the market for these flats ?. In many countries its young executives, but they seem to be priced out of the market at these prices. Also mortgage interest rates is another key factor which determines affordability.

I am sure there is a market for these properties because obviously they are selling. which market sector is my question.

well illigal immigrants and council flats is your cup of tea east end is the way forward lol. i live in the docks as you must be knowing property there is quite insane. i was referring to ones in that caliber.

most of these flats are snapped up by investors. as there no such a concept as mortgages in sri lanka paying in installments with out any additional interest is an attractive offer. these condo's are catered to the rich and famous. not to the ordinary man who's about to get on the property ladder for the first time. in an era where people spend 30, 40mil for a merc S class paying that amount to buy a property makes lot of sense doesn't it?

[The Don]

well illigal immigrants and council flats is your cup of tea east end is the way forward lol. i live in the docks as you must be knowing property there is quite insane. i was referring to ones in that caliber.

most of these flats are snapped up by investors. as there no such a concept as mortgages in sri lanka paying in installments with out any additional interest is an attractive offer. these condo's are catered to the rich and famous. not to the ordinary man who's about to get on the property ladder for the first time. in an era where people spend 30, 40mil for a merc S class paying that amount to buy a property makes lot of sense doesn't it?

True, it makes sense for them. But there are a lot of flats being built, at some point or the other it will have to a mass market proposition because flats for rich and the famous will only go so much way. I mean I guess you might be aware of the prices the new flats developed next to St Pancras went for, nearly all commercial purchases apparently.

So you live in the docklands, lucky you, i know prices are crazy over that side of town and understandably. Incidentally if I am not mistaken The Docklands is in the East end he he, though its looks and is a world apart

[Lalithster]

well here is my 2 cents

first cent Celestial, Crescat and Dawson all sound really gay.

second cent. These Prices are over inflated and are not catering to the locals. Especially when you consider, cost of living, salaries, and job opertunities. A Condo in south beach Miami is around Rs.50million and Median salaries for south beach residents Rs. 12million per year. So for a Condo in Colombo to cost Rs 30 million the median salary should be Rs. 7.2 million per year. So is the median saleries in Colombo around Rs. 7.2 million? Am I even close?

[xXx]

well here is my 2 cents

first cent Celestial, Crescat and Dawson all sound really gay.

second cent. These Prices are over inflated and are not catering to the locals. Especially when you consider, cost of living, salaries, and job opertunities. A Condo in south beach Miami is around Rs.50million and Median salaries for south beach residents Rs. 12million per year. So for a Condo in Colombo to cost Rs 30 million the median salary should be Rs. 7.2 million per year. So is the median saleries in Colombo around Rs. 7.2 million? Am I even close?

errr... mind if i ask why these properties sound gay to u????????????????????????????????????

your comment sound like the fable 'The Fox and the Grapes' and we all know who the fox is lol

on your second cent, how on earth did you come up with 7.2mil figure? actually the target audience do earn that much in SL. even politician's these days get Rs.50mill just to come and sit in a different seat in parliament.

listen mate these condo's are the cream of the crop are these 50mill condo's you are on about the highest grade/quality condo's of whole of USA??? basically what i'm trying to say is according to sri lankan standards these condos are similar to trump tower or cipriani residence

[gpmac]

The median salary for a young professional here will be around 1mill to 1.5mill per year, in that sense r there enough political boot licker's and rich business men to buy these 50mill condos

i have seen the model apartment at Dawson Grand and although it was good it certainly didnt warrant the 50mill price tag

[xXx]

The median salary for a young professional here will be around 1mill to 1.5mill per year, in that sense r there enough political boot licker's and rich business men to buy these 50mill condos

i have seen the model apartment at Dawson Grand and although it was good it certainly didnt warrant the 50mill price tag

Well you pay 50mil to earn the bragging rights

Will you pay several thousand dollars for a Rolex if it didn’t have the ‘Crown of achievement’

[Lalithster]

errr... mind if i ask why these properties sound gay to u????????????????????????????????????

your comment sound like the fable 'The Fox and the Grapes' and we all know who the fox is lol

on your second cent, how on earth did you come up with 7.2mil figure? actually the target audience do earn that much in SL. even politician's these days get Rs.50mill just to come and sit in a different seat in parliament.

listen mate these condo's are the cream of the crop are these 50mill condo's you are on about the highest grade/quality condo's of whole of USA??? basically what i'm trying to say is according to sri lankan standards these condos are similar to trump tower or cipriani residence

sound gay ment the names sound a little on the girly side

I used a simple ration of condo price to median income. to estimate the annual salaries. Yeah south beach condos are known for their opulence.

[Jith]

Jutith r u in someway associated with Havelock Cty, if so please provide more details of the project, the August 2008 initial deadline will be met I figer, not sure if the whole project will be completed by 2012

Dawson Grand seems to be the most expensive of the lot, even a 1 bedroom apartment starts at over US$250,000

Well, I work as a market reasearch analyst and one of my recent projects happened to be on this subject. I have visited most of the Condos (ex. Havelock City, Celestial, Dawson Grand, Trillium, Crescat, Iceland etc). And this is how I stumbled upon this site as well. In my personal opinion, Havelock City comes on top in all aspects. The photo I posted was taken from the Havelock Road Bridge near Royal Institute.

Infact, the project is ahead of schedule. They have also commenced piling work for the Phase 2. The commercial component too is to start very soon. It's going to have a hypermall and something similar to Ikea or Musthafa's in Singapore. ####

Edited November 20, 2007 by MADZ

[KLM]

These condos are targeted primarily at the high net worth individuals around, so none of the developers care what 'young executives' make. The bottom line is that there are plenty of people in this town who can afford an average of $300,000 for a nice apartment, and will happily put their money down.

Isn't it pointless then, to analyze the costs of these condos vs. median salaries?

Oh and Jith, I'm pretty convinced that you work for the guys developing Havelock City.

[xXx]

plus how many of these unmarried young executives live on their own in SL?

this is the problem with 'some' of the people who live/work abroad, they think just like they can buy cheap cloths from sri lanka everything else is cheap as well.

[xXx]

sn't it pointless then, to analyze the costs of these condos vs. median salaries?

I think he just wanted to let us know that he’s getting a similar pay packet. well, this is the same guy who posted pics on every single thing he bought from watches to PS3 to iphones as if this is a social networking site.

[Lalithster]

I think he just wanted to let us know that he’s getting a similar pay packet. well, this is the same guy who posted pics on every single thing he bought from watches to PS3 to iphones as if this is a social networking site.

Ur wrong and ur coming off like a jealous little bitch... And for your info I was asked by members on this forum to do thoes reviews. The last thing I worry about is impressing little bitches like you. How do you expect to pay for ur condo other than salary? Also Banks give lones based on ur salary.

Edited November 22, 2007 by Lalithster

[xXx]

hahaha my ass hurts as i'm laughing too much out of it. i don't have time to go through all your posts to pinpoint that most of the time you do randomly come up with threads saying you got this and that.

do you think you are the only one who can afford such things to say that i'm jealous!! wake up mate this is 21st century and the technology do travel across the Atlantic (and not to forget the greenback is at its lowest these days)

we all like to brag about things but you my friend certainly take it to a different level.

[sharkster]

easy boys... and lalithster go easy on the language... seriously...