ISSN: 1391 - 0531
Sunday September 23, 2007
Vol. 42 - No 17
Financial Times  

Trillium Residencies shows real estate still hot investment

Ceylinco Condominiums, developers of ‘Trillium Residencies’ - its flagship project, has sold its final phase – SUNSET WING saying this was bucking trends that there is a downturn in the real estate market.

In a press release, the company quoted a resident who has moved into the Park Wing as saying that she and her family were more than happy with the apartment and sports facilities that have been provided. “We felt at home although we had just moved into a new place,” she has said.

Other residents were quoted in the same release as saying that considering the high inflation and escalation in construction costs, they had made a very good investment in Trillium Residencies as a hedge against inflation.

Another owner said that he had given his apartment at Trillium Park Wing out on lease for an attractive rent amount for two years. He said he has benefited two-fold: firstly with a fixed rent income, and secondly, in rapid appreciation of the property. “We have invested with Ceylinco before and realised that they manage their properties well,” he said, according to the statement.

The company said that investing in the real estate property market today is considered a flawless investment avenue. For many buyers of premier real estate properties the world over, the past track record of projects and the credentials of the developer are key factors that determine whether their projects are worthy of investing hard-earned savings collected over the years.

It said reports of the real estate market being down fail to take into account that property rates in the island, and those specifically in Colombo, have perhaps been the only constant factor vis a vis decline in other sectors. Tourists may have slowed down to a trickle, closure of small to mid sized garment factories may have become a sad inevitability, while the initial IT wave may have missed the island completely. Yet, the real estate market despite marginal highs and lows has remained steady as a rock. A look at the flurry of construction activity in the country is a testimonial of this fact, the company said.

“The island’s reliance on imports in the construction sector ensures that construction costs will always be on the rise. By locking valuable investment into traditionally ‘safe’ avenues in banks, the potential real estate buyer denies himself or herself a slice of lucrative investment that has the strength to withstand any economic shocks well into the future. Two years on, when buyers shop around for property, they might find the rates have appreciated far beyond their means,” it said.


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