Steradian announces plan for Rs.2.5 bn apartment complex for young professionals

7 December 2015 02:40 am Views - 1158

By Zahara Zuhair
Steradian Capital, a privately owned, real estate development and consultancy business, announced its plans for an apartment complex named ‘MulberryResidence’, at an event held in Colombo recently.

With an investment of Rs.2.5 billion, the residence consists 121 contemporary apartments which will be priced from Rs.18 million upwards.Located in Colombo 09, the apartments range from 1,000-1,600 square feet, which consists of 3 towers, each with 15 floors connected via a podium at ground to second floors. 

“The vision for the project comes out from our desire to improve the affordable and professional housing sector in Sri Lanka as we have identified a need for it” Steradian Capital Director Hardy Jamaldeen said.

Explaining about the thinking behind this project, he noted that they wanted to provide a product that is more significant than what is already in the market, at a more competitive price.“We always try to handpick land parcels in areas of high density where there is a need to serve and improve the lives of the local community” he said.

Commenting on their target customers he said that they would be mainly focusing on young professionals and provincial families who need to get their kids to schools.

“Affordability wise a joint income between a young couple, of Rs.200,000 could afford this place” he said. He added that 90 percent of the units will be priced from Rs.18-20 million and almost 30 units are reserved already. The project is expected to be completed by the end of January 2018 and Yanjian Group will be on board as the construction partner. Steradian Capital, Director, Archie Warman said that less being done towards young professionals and aspiring families as there is a huge void in the market for that.

“We believe that our project actually serves a purpose and has an end user as we consider it a joint venture between the developer and purchaser” he said. Talking about the uniqueness of the project he noted that their apartments are the best in terms of space planning and this project would be built on their fast growing fan base and following.

He added sustainability wise they are expecting to cut down on CO2 emissions and install eco- friendly specifications such as solar panels, LG7 lightening and the latest air conditioning systems. Banks such as Pan Asia Bank, Sampath Bank, Bank of Ceylon and HNB  have already come on board to extend loan facilities. The project has been approved by both the Urban Development Authority (UDA) and the Colombo Municipal  Council (CMC).