By Chandeepa Wettasinghe
The Nawaloka group’s Millennium Housing Developers PLC on Wednesday broke ground on its Rs.580 million ‘The Heights’ apartment complex situated on a 50-perch property off Edmonton Road, Colombo 5.

“Millennium Housing is determined to add greater value to this development and to introduce innovative features and facilities that modern living demands, coupled with affordability, which Millennium Housing Development is synonymous with,” Millennium Housing Developers Chairman Harshith Dharmadasa said.
He said that local professionals, who are tired of traffic to and from the suburbs during peak times, would find the property attractive.

According to Millennium Housing Developers Executive Director/CEO Sisira Weerabahu, of the 30 apartments at The Heights, 18 have been pre-sold to various business associates of the Nawaloka group.

The apartments will consist of three bedrooms and will cost between Rs.22-29 million, which can be paid up front, or with a Rs.500,000 down payment with the balance paid through instalments up to June 2017, when the construction will be completed.

“There will be a monthly fee of Rs.8,000 and cover the maintenance on the common facilities, which include a library, a gym, an aerobics room and security,” Weerabahu said.

The apartment complex would also include a rooftop jogging track and video doors for security, a company statement said.

Dharmadasa said that the apartments would be attractive towards the sustainability-oriented individuals.

“The Heights is designed to be truly attractive to those who share a concern and consciousness about the environment. In fact, it is the first intelligent apartment building to utilize solar energy and rainwater harvesting,” he said.

Solar power and collected rainwater would be utilized to maintain the common facilities, Weerabahu added.

The Heights is a Board of Investment project, with a five-year tax holiday set to start when the company makes profits, or two years after the commencement of commercial operations, whichever comes first.

Currently, there is an oversupply of luxury apartments in Colombo.