No Comments

Gated Community Living – Becoming Popular in Suburban Sri Lanka

Sri Lanka has been rapidly developing since the end of a three-decade civil war. The political stability of the country and its infrastructure development has helped the economy progress over the last few years. In addition, the growth in non-traditional industries such as Apparel, Information Technology and Tourism have all contributed for Sri Lanka to be an Emerging Hub in Asia.

Historically there has been a strong correlation between urbanization and GDP per capita especially in emerging countries. Rapid urbanization continues to impact the Sri Lankan economy. The economic growth of the country and overall infrastructure development has made local and international investors to actively seek out opportunities in the real estate sector. This transformation has resulted in both the demand and supply of housing, retail and commercial spaces to increase year on year. Though the key focus has been within the economic hub – Colombo – several residential and commercial projects have gradually begun targeting the suburbs and other districts. This exemplifies that investors see the potential, not just in the commercial capital, but in what Sri Lanka has to offer as a whole, especially in terms of real estate and the property industry.

If we focus on the residential segment of the Western Province of Sri Lanka in particular, the demand for property and housing is continuously on the rise. This has also resulted in property prices to virtually sky rocket due to the natural scarcity of land. As a result, suburban areas in the Western Province such as Dehiwala, Mount Lavinia, Wattala, Negombo, Battaramulla, Nawala, Kaduwela, Rajagiriya, Thalawathugoda, Homagama, Athurugiriya, Malabe, Moratuwa, Piliyandala and Panadura has seen a renewed interest by both prospective buyers and developers. This is due to its lower price compared to Colombo City limits, visible improvements in infrastructure and also overall level of economic activity. From a Sri Lankan perspective, these areas can be referred as Tier II cities.

An interesting trend evolving in Sri Lanka is the concept of ‘Gated Communities’ or ‘Gated Living’. This concept has been very popular across the world with countries like Malaysia embracing it in the early 1990’s. This concept is not new for Sri Lanka either but what is clearly evident is that the trend is towards suburban areas with a smaller number of units typically 10 -20 in total.  Over the years many authors have attempted to define the concept of Gated Communities.

In the simplest form, a Gated Community is a physical space or development which has restricted access to outsiders whilst having a common code of conduct among tenants (residents) within the development. A typical development therefore, may be surrounded by fences, walls, or other natural barriers that limit the access to people who are not part or residents of the development. A Gated Community Development can include Town Houses, Duplex Units, Semi-Detached Houses, Bungalow’s, Villas and also Apartments. However, there are some design and functional characteristics that differentiate a ‘Gated Community’ or ‘Gated Living’ development with other residential developments. The main characteristics are as follows:

  • Increased Emphasis on Security – The prime consideration of any gated community is security. From the starting point or entrance of the development to the individual residential units, security and safety is managed through physical personnel and the use of technology such as CCTV camera’s and IOT Based devices.
  • Integrated Facilities – Gated Communities often have common internal roads, recreational facilities such as a swimming pool, clubhouse facilities, mini-mart, gymnasium, walking paths, a common park(s), round the clock maintenance, children’s play area etc.
  • Lifestyle Based Living – Gated Communities often have people who have similar lifestyle preferences and aspirations. Most Gated Community developers allow prospective buyers the flexibility to customize their units which may not necessarily be the case with an apartment complex.
  • A Quiet Living Experience – Gated Communities are well known to offer a quiet and serene environment in comparison to the noise, pollution and traffic associated with a typical city development.

Research conducted by Paramount Realty recently identified opportunities for growth and development in Tier II cities and believes that these cities provide significant opportunities for both developers and investors.

Paramount Realty focuses on bringing the ‘affordable living concept’ to these emerging cities through novel concepts. Inspired by a vision to be the market leader in providing innovative real estate solutions, Paramount identifies the need to fulfil the emerging trend for ‘Gated Communities/Living’ in suburban Sri Lanka. Therefore, the company will be launching two ‘Gated Community’ projects in Panadura and Hokandara. These Emerging Tier II Cities have been selected due to its demographic and psychographic profiles, existing and planned infrastructure, close proximity to city limits and the overall demand for housing in these locations. Each of the Gated Community Projects of Paramount will have enhanced security features, common facilities, comfortable living spaces, functionality based design and modern amenities all at affordable price.

No Comments

Paramount Identifies The Living Trends of Millennials

The millennial generation, or Gen Y, is considered to be anyone born between 1980 and the late 90s. The bulk of this generation has graduated college/university. They have jobs and are looking to live independently. Looking at household living patterns across the globe it is evident that Millennials prefer vertical living options for a number of reasons.

Each generation is different than the preceding one, often in surprising ways. Unlike their parents and grandparents, millennials are more comfortable living in an apartment rather than maintaining a conventional house.

Paramount Realty, a real estate company in Sri Lanka through its extensive research has identified that the demand for vertical living is gathering significant momentum among millennials and is expected to grow in the next few years. Some of the key reasons identified by Paramount Realty are as follows.

Reasons Millennials Prefer Apartments (Vertical Living)

Functionally Focused Layouts

Millennials have somewhat different values and preferences compared to the previous generation. They are looking for affordable apartments with functional layouts. While the previous generations typically look for larger apartments, millennials seek greater functionality and convenience when opting for apartments. Hence, the decision making is usually not based on size or location but rather on convenience and functionality.

More Priority on Certain Amenities

When it comes to building apartment complexes for millennials, it is important to add certain amenities into the floor plans and the layout of the entire complex. Authentic public spaces, pet-friendly options, and inviting tech-focused lobbies are among the key aspects values by millennials when selecting an apartment. Interestingly enough, one of the main reasons that drive millennials to live in an apartment is the compatibility with their lifestyle. They require access to a fitness center and a pool; spaces where health and sociability are combined. Millennials also truly value community based attributes such as access to coffee shops, food courts, and recreational areas. If these facilities are not included in the complex layout, they would at least want it to be available in close proximity.

High Emphasis on Digital Lifestyle

Apartment complexes that cater to millennials should be cable, internet, and technology ready. This generation is connected to the internet 24-hours a day through their cell phones and other mobile devices and hence, technology plays an important part of their daily lives. Interestingly, around 40-50% of their decisions are influenced by social media and community platforms. Therefore, complex-wide Wi-Fi is also a plus as are lots of indoor and outdoor electrical outlets for charging mobile devices. The ability to monitor their living spaces and control various devices via mobile applications is also increasingly becoming important to millennials.

Less Is More Mindset

Millennials are increasingly moving towards minimalism. The decision-making patterns, lifestyle, usage of money and experiences they expect from life is rather different to the previous generation. The minimalistic lifestyle trends of millennials have made entrepreneurs and real estate developers to rethink their strategy when designing living options to cater to this segment of the market. Typically, the spending power of the millennials is less compared to the previous generation and hence, they prefer to spend on the style of life as opposed to the possessions in life. This will create a unique set of challenges and opportunities for real estate developers.

Preference to Live in Suburbs

There is an increasing trend for millennials to prefer living in suburban locations. The significant appreciation of real estate prices, increase in interest rates (cost of borrowing) and the rapid infrastructure development in the suburban areas and tier II cities are all contributing towards the millennial preference to live outside larger cities. The trend towards placing value on homeownership as opposed to renting has resulted in the increase of demand for real estate in affordable cities.

No Comments

Asia Property Awards 2017 program revamped to include new markets

Asia Property Awards 2017 program revamped to include new markets

Now celebrating its 12th year, the region’s most prestigious real estate awards series goes Asia-wide

  • Five new judges are confirmed to join the Sri Lanka central judging panel
  • Other markets joining the 2017 series include Mongolia, Laos, India and the Maldives
  • Country winners will compete for regional accolades for the Best Developer, Best Mixed Use Development and Best Universal Design Development in Asia at the Singapore grand final

The annual PropertyGuru Asia Property Awards series has been revamped in 2017 to include categories for exciting markets such as Sri Lanka, Mongolia, Laos, India and the Maldives.

With an unparalleled reputation within the Asian real estate industry for being credible, fair and transparent, with an independent judging body, and a free-to-enter system, the prestigious Asia Property Awards grand final ceremony in Singapore will now be held over two nights at the Sands Expo and Convention Centre at Marina Bay Sands on 7-8 November 2017. The finale will also feature China, Hong Kong and Macau categories as part of the expanded programme.

In the lead up to the November ceremony, nominations are now being accepted online via AsiaPropertyAwards.com/nominations/. Developers, industry professionals, consumers and the general public can nominate until 18 August, and official entries are accepted until 25 August.

Five industry experts are confirmed to sit on the independent judging panel in Sri Lanka. They are: Stephanie Balendra, director, SB Realtors (Private) Limited; Dr Nirmal de Silva, director and CEO, Paramount Realty; Roshan Madawela, director and founding CEO, Research Intelligence Unit; and Steven Mayes, managing director, JLL Sri Lanka.

Sri Lankan real estate, which joins the Awards series in its 12th year, recently entered JLL’s Global Real Estate Transparency Index for the first time and has shown huge potential for development. The sector is supported by a stable economy with a projected 6 percent growth this year.

Country winners in Sri Lanka and other markets will advance to the seventh annual PropertyGuru Asia Property Awards grand final in Singapore to compete for regional titles and to be crowned the “best in Asia” in 2017.

 

Last year’s grand final champion was Malaysia’s Sime Darby Property, which collected the biggest award for Best Developer (South East Asia).

“The recognition of Sime Darby Property as the Best Developer in South East Asia by such esteemed industry experts is further testament of our commitment as a trusted developer. We were very honoured to receive the award and our heartfelt appreciation goes to the organiser,” Dato’ Ir Jauhari Hamidi, managing director at Sime Darby Property, said in a press statement in November 2016.

Every stage of the awards programme – from nominations to site visits and judges’ deliberations – is strictly supervised by BDO, one of the world’s largest auditing and accountancy firms with operations in more than 130 countries and territories. BDO has been the official supervisor of the Awards for more than a decade.

“It has been an exciting journey for the Asia Property Awards after joining PropertyGuru in 2016,” said Terry Blackburn, founder and managing director of the Awards. “Our expanded awards scheme is a tribute to the strength of the Asian real estate industry. Fair judgement and transparency of process are at the heart of the Awards and we’re delighted to introduce the awards system to Asia’s rapidly growing property markets.”

He added: “For more than a decade we’ve had incredible support from various developers, who have been instrumental in the growth of the property sector. As we explore new countries for the platform, we will ensure that the PropertyGuru Asia Property Awards truly is the region’s benchmark for the finest real estate developers, developments and design in the region.”

Hari V. Krishnan, CEO of PropertyGuru Group, said: “Because of the Asia Property Awards, consumers are empowered to make confident property decisions, whether they’re first-time buyers, expat renters or serial investors. Property knowledge is essential in our culture at PropertyGuru. We wish the country winners the best as they advance to compete at our grand final in Singapore.”

First launched in 2005 by Ensign Media in Thailand, the Awards system also holds annual black-tie gala dinner events in Cambodia, the Philippines, Vietnam, Myanmar, Malaysia and Indonesia, playing host to up to 600 C-level executives, senior industry figures and VIPs at each event.

Following the format of the country awards, Sri Lanka categories are divided into three sections: Developer, Development, and Design. All eligible nominations are rigorously and fairly judged by the panels of experts, based on the most detailed and fairest criteria:

  • Developers – reputation, image and corporate social responsibility initiatives; overall track record; displays of innovation; and achievement in the past 12 months.
  • Development and Design – location; value for money; unique selling points; state of completion; sales success; design concept, innovation and use of space; quality of amenities; and construction and materials used.

 

New regional categories to join the 2017 Awards include Best Mixed Use Development (Asia). While the award was presented in select country ceremonies last year (Singapore, Malaysia, China, Hong Kong/Macau), it will be the first time that a regional winner will be named.

Another new category is Best Universal Design Development (Asia), which is open to residential and commercial developments across the region that will be shortlisted in any category at the country awards. The project must be built environment that can be accessed, understood and used to the greatest extent possible by all people regardless of their age, size, ability or disability.

Overall, there will be seven Design, eight Development and two Developer categories at the grand finale ceremony, which will be preceded by an official shortlist announcement in early October.

The two gala events in Singapore will each begin with a two-hour international networking cocktail reception, followed by the opening remarks and speeches, four-course dinner, and the awards ceremony proper. The first night on 7 November focuses on Singapore categories, and the second night on 8 November features the new markets and the regional competition. Alongside the gala dinner, PropertyGuru’s C-suite conference – the two-day Singapore Real Estate Summit 2017 – will be held at the same venue in the daytime.

 

END

 

No Comments

Significant Real Estate Opportunities in Tier II Cities

Significant Real Estate Opportunities in Tier II Cities

Monday, 20th March 2017, Colombo: Since the civil war ended over seven years ago, Sri Lanka has rapidly become a hotspot for investment among emerging markets. The booming property market in the island has become popular with those looking to invest in property.  Considering the economic growth prospects of the country, real estate investment opportunities have also increased over the last few years and the trend is expected to continue in the future.

Interestingly cities across the country have also witnessed strong economic growth in the past few years, primarily on account of national level economic policies, improvements in infrastructure and the level of political stability.

When it comes to classifying cities in Sri Lanka in terms of business, real estate and commercialization, we hear a lot about Tier I and Tier II. As Tier I cities are highly commercialized metropolises, people still wonder what exactly Tier II cities are then. In the simplest perspective, Tier II cities are emerging cities which have the potential to be a Tier I city in the future.

Although Tier I cities witnesses the bulk of development, the issue with Tier I cities is that when it comes to economic boom and investment, they are inundated with growing investments in the industrial and service sectors along with the boom of large-scale investments in the real estate sector. Many developers tend to focus on these cities in order to realize ROI’s faster. On the other hand, as a result of all the development and commercialization the cost of real estate also increases significantly making it unaffordable to the majority of the middle-class population.

However, Tier II cities are in the process of developing both in terms of real estate and commercial opportunities. These cities tend to be up-and-coming and many companies and people tend to invest even though they haven’t yet reached their peak. Real estate is usually relatively inexpensive here; however, if growth continues, prices will no doubt rise.

Tier II cities are part of the country’s growth and whose progress can help modernize suburban Sri Lanka to a Megapolis whilst in the process contribute significantly to the overall development of the country. The Government of Sri Lanka have initiated the creation of master plans for most of these cities and therefore, it would create a number of real estate development opportunities both in the short and long term.

Paramount Realty recognizes the present opportunity for growth and development in Tier II cities and believes that these cities provide significant opportunities for developers and investors.

Inspired by a vision to be the market leader in providing innovative real estate solutions, Paramount is focused on bringing the affordable living concept to these emerging cities whilst ensuring stakeholder returns. The real estate market in Sri Lanka is no doubt growing rapidly and it is every person’s dream to live in a comfortable and cozy home with all the modern amenities. Paramount is taking up this challenge to invest in such cities because these cities promise great potential due to the basic infrastructure, availability of land (at lower price points), emerging demographic/psychographic profiles, greener environment and overall GDP growth.

About the company

Paramount Realty is a real estate company in Sri Lanka that aims on redefining the industry. Under the leadership of industry experts, the company strives to provide real estate solutions with an unparalleled level of Service Excellence. Paramount Realty exists by its mission to provide their customers quality real estate solutions by exemplifying a high level of professionalism, teamwork and ethics. For more information, please visit www.paramountrealty.lk.

END

Issued by: Paramount Realty (Pvt) Ltd.

For further information please contact, Name: Mariya Kaed, Mobile: +94 77 649 1951, Email: info@paramountrealty.lk

 

No Comments

Paramount Introduces Colombo’s Newest Corporate Venue Spaces

Paramount Introduces Colombo’s Newest Corporate Venue Spaces

Thursday, 23rd February 2017, Colombo: Finding the right venue is no doubt a tedious business. Pricing can be opaque and the associated logistics involved are often challenging. As a result, individuals and corporates have limited options available when organizing an event. In order to cater to clients with diverse requirements, Paramount is now pleased to introduce the newest corporate venue spaces in Colombo.

Paramount offers spacious event spaces to host business meetings, seminars, training programmes, product launches, workshops and exhibitions allowing clients to tailor their event the way they wish in a flexible and convenient manner.

The elegant spaces by Paramount is located in the heart of Nawala with ample parking space and is within 10 minutes walking distance from the Nawala Junction, surrounded with amenities and services with easy access from all parts of Colombo and its suburbs.

The indoor event venue with comfortable seating for up to 120 pax is a versatile event space and provides the finest capacity for cocktails, banquets, AGM meetings, receptions, workshops or theatre style functions, whilst the outdoor rooftop venue overlooking the Nawala city skyline can accommodate up to 200 pax. The layout of the event venues is well suited for any kind of event, making it an ideal choice for your next event booking. These spaces can be customized creatively to make your event truly amazing and one to remember irrespective of whether you are an Individual, Small & Medium Enterprise (SME) or Large Multinational.

The Paramount team is committed to assist you in creating the perfect event and will work in collaboration with renowned service providers and event curators whilst ensuring affordability.  The in-house event curators at Paramount can also assist in planning, designing and executing your dream event with an unparalleled level of service.

Paramount is confident that its corporate venues will offer the best with regards to ambiance and top-class facilities. These facilities include; pull down screens, flip charts, air conditioning, surround sound systems, podiums, mic’s, writing pads and pens while their operations team will also be able to assist with all forms of logistics requests such as audio visual requirements or a wide array of event enhancements and entertainment options.
For those of you planning an event with colleagues, friends and family, at a venue you can make your own, Paramount may just be the place for you. It’s located at Level 1, No. 192/10, 9th Lane, Nawala Road, Nawala. For reservations and RSVP please contact Christina on +94 77 249 9291.

END

Issued by : Paramount Facilities Management Service (Pvt) Ltd.

For further information please contact, Name: Mariya Kaed, Mobile: +94 77 649 1951, Email: mariya4a@gmail.com

 

 

AllEscort