30 October 2018 12:01 am Views - 1680
By Shabiya Ali Ahlam
The apartments in Colombo are witnessing lacklustre sales despite an increase in ‘branded’ properties due to the developers and investors failing to capture the unique requirements of the locals in the design concept, a top architect said.
MICD Associates Senior Architect Murad Ismail pointed out that a slowdown of sales in the apartment market is witnessed primarily due to the developers taking up the “cookie cutter” model in their designs.
Hence, he pointed out that much emphasis is required in research prior to building.
“In Sri Lanka we do cookie cutter stuff and expect it to sell. There are so many failed apartment projects around Colombo and the reason is the investors and developers have not thought the project through,” Ismail told a panel discussion organised by Foxhouze Architecture Xtudio yesterday in Colombo.
Stressing that the apartments are not failing because there is no market but due to the properties not fulfilling the needs of the buyers, Ismail noted the designs should be done keeping the locals in mind and not just foreigners.
“You have a lifestyle you need to live there. It is not just for sleeping. So, it is important to capture that in the projects if they are expected to sell. It’s not only about the foreigners; it is about the locals too, as it is they who invest for their future generation.”
While Sri Lanka constantly draws reference to Singapore, it was shared that the city state spends at least two years in research before constructing a building and ensures each project has a new design offering.
He added that the developers must understand the need to put time and money into research and development (R&D), while taking into account the needs of the market rather than develop apartments that are more or less similar in terms of design and concept.