Financial Times

The Lee Hedges and Company Ltd is confident that the demand for luxury apartments will increase despite the adverse economic conditions of the country.

“Although, the present economic conditions prevailing are not favourable for aggressive marketing of the apartments, we are confident that the demand for luxury apartments will increase and sale of these apartments will progress throughout the construction period,” S. R .Vamadevan, Chairman, Lee Hedges and Company Ltd has said in the company's annual review. He has said that limited marketing campaigns will continue during the year and aggressive marketing campaigns will commence with the completion of the sub structure work.

The chairman noted that with apartments being developed all over Colombo and even Greater Colombo, the living styles are also changing within the city and urban areas.

“The property market is becoming more adaptable to the concept of apartment living and the phenomenal pace of growth in the property development in the property development in Colombo is despite the prevailing political climate in the country,” he has said, adding that the management is confident that the market would also sustain the magnitude of development of apartments matched by the growing demand. The company recorded a profit before tax of Rs.1.985 million, compared with Rs.1.942 million in 2005.