Financial Times

Benison International in Rs 900m property project
Benison International Property Developers [Pvt] Ltd., a BOI company, has said its inaugural venture - 189 Residencies – in which it has invested Rs 900 million, will be ready for occupation by June 2006.

Located along Baseline Road, it is conveniently situated in the midst of hospitals, schools, banks, supermarkets and parks and is within easy reach of the commercial hub of the city, a company statement said. The residential complex spreads over 95 perches of land and comprises of two towers.

The first Tower will comprise of 7 blocks of 8 stories and 43 apartments, offering 4 types of units ranging from 2 to 3 bedroom apartments, 3 bedroom duplexes and 2 Penthouse suites, as well as a gymnasium, sauna and a landscaped rooftop terrace.

Benison International Property Developers Chairman, Dr Sunil De Silva said that the 2 Bedroom Apartments with a floor area of 1200 square feet will be sold for Rs 13.2 million upwards while the 3 bedroom apartments with a floor area of 1730 square feet will be sold for Rs 18 million.

The three bedroomed Duplexes have a floor area of 1745 square feet and are priced at Rs 21 million and above, while the Penthouses are 2400 square feet and are priced at Rs 37 million.

“The total investment on the first Tower is around Rs 450 million, while the second Tower will see a further investment of Rs 450 million” said De Silva.
The second Tower which is due to be completed by the end of 2007 will comprise of 30 apartments, a swimming pool, mini market and launderette and will be connected to the first Tower.

Both towers will have 24 hour security, CCTV monitors and covered parking, while quality imported fittings and accessories and construction excellence are guaranteed. The board of directors of Benison International comprises a group of professionals with over 30 years experience.

“We are all civil engineers who have had a great deal of experience in property development overseas and we are aware of the standards maintained in other countries,” said De Silva, who lamented the lack of standardization of fittings, construction methods, and building materials.

“In developed countries there are standards for everything and you have to adhere to those standards, unfortunately this is not the case in Sri Lanka”.
De Silva said there was a huge demand for quality housing with the demand increasing, whilst the price of land and construction escalated.

“Tsunami reconstruction has lead to the price of labour and materials going up and in fact last year alone construction costs went up by 40%; the oil hikes haven’t helped either”.

The main contactors for the project are Sierra Construction while the project management will be handled by Benison International. “We will be adopting stringent quality control methods while only the best fittings such as Jacob Delafon and Grohe, powder coated aluminium from Reynaers, imported tiles, Artcool airconditioners from LG and Mitsubishi elevators will be used” said De Silva, who added that their collective experience in property development overseas will be put to good use here in Sri Lanka.

He stressed the importance of finishes and personal supervision and said that even all windows in the apartments would be sound proofed. With regards to future development De Silva said that the company was looking at expanding both in Colombo as well as its outskirts.

Two more upmarket apartment complexes are planned in Battaramulla and Wattala, while a tourist resort project in Negombo is also on the cards.
“We are determined to become the lead player in the housing development market providing quality housing at competitive prices which provide not just a secure and comfortable home but an investment that appreciates in value” said De Silva.

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