Iconic Galaxy begins work on US$ 50 mn apartments | Daily News

Iconic Galaxy begins work on US$ 50 mn apartments

To invest US$ 40 mn on three more projects
Minister Champika Ranawake at the ground breaking ceremony. Pictures by Saliya Rupasinghe.
Minister Champika Ranawake at the ground breaking ceremony. Pictures by Saliya Rupasinghe.

Iconic Developments of India will invest around US$ 90 million within the next three years in Sri Lanka for luxury apartments in Colombo and in the South.

The Indian property developer has already invested US dollars 30 million for their first project, 110 Parliament Road, apartments in Rajagiriya opened in 2008.


Iconic Developments Managing Director Rohan Parikh speaking to Daily News Business at the ground-breaking ceremony of Iconic Galaxy apartments said that they see a great demand from Sri Lankans for the project. “Given the current booming real estate industry, we see a bright outlook for further development and expansion of our Brand,”Parikh said. He said that he does not see any oversupply of apartments for Sri Lanka. Parikh said they will construct two similar apartments in Colombo 5 and 3 and also invest in a villa style housing project in South. “We hope to invest around US$ 40 million for these three projects.”

The apartments on Buthgamuwa Road, spanning over two acres will be completed by end 2020 and they will build 261, super-luxury, two, three and four bed-roomed apartments housing world class amenities and services to compliment the lifestyles of the buyers. “We hope to complete the property in less than two years.”

The total investment for the project is US$ 50 million.He said that they were one of the first international investors to invest in Sri Lanka soon after the war and they are up beat on future investments.

“The present and the previous governments were both investor friendly and we are happy about it. However we played a waiting game for almost one year after the change of government until some ‘uncertainty’ cleared.”“I must say that from our experience that it’s definitely easier to invest in Sri Lanka rather than India!”

He also said that some concessions spelled out in the last budget too were encouraging for both foreign investors and buyers in the real estate segment.

Urban Development and Infrastructure Minister Patali Champika Ranawake, said that the area would be converted to a major transport hub with both the proposed US$ 1.2 billion Japanese funded light railways and elevated road network connecting the Peliyagoda Highway exit with Battaramulla.”We will also bring in all government institutions including the Presidential Secretariat to this area under the megalopolis plan.”

Iconic Galaxy will be exclusive, self-sustained, environment friendly residences for the elite, uniquely configured and elegantly landscaped, providing an ideal ambience for modern day living, it is more than a luxurious address, it is a lifestyle statement. 


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