CMI and KPMG to shed light on Colombo’s evolving real estate market
Tuesday, 17 March 2015 00:12
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At a time when Colombo’s real estate market is growing, residential high-rise buildings made of glass have become symbols of gargantuan excess and privilege. But the history of vertical living in Sri Lanka originated as a housing option for the low income segment and re-emerged over the last decade as a high income housing and investment opportunity.
Though the sector has seen a surge in inflow of investments in the condominium market, Colombo is far behind from being named as a vertical city in comparison to its neighbouring countries. The present supply in the market is focused on the luxury high end segment and little attention is made to the change in demand expected in the market, especially in the growing demand for affordable vertical living.
In an effort to shed light on the challenges, changing trends and opportunities in the growing real estate market and the emerging concept of vertical living, the Chartered Management Institute (CMI) – UK’s Sri Lanka Branch, has announced a knowledge sharing event captioned ‘Vertical Living: Beyond 2020’ to be held on 25 March at the Kingsbury Hotel Colombo, in association with its exclusive knowledge partner, KPMG in Sri Lanka.
The event will feature a presentation on the topic by KPMG in Sri Lanka Real Estate Advisory Principal Shiluka Goonewardene, followed by an interactive panel discussion with an eminent panel of corporate leaders and professionals comprising Fairway Holdings Ltd Managing Director Hemaka De Alwis, Prime Group of Companies Chairman B. Premalal, John Keells Group Property Sector Chief Marketing Officer Roshanie Jayasundera Moraes, Condominium Management Authority Sri Lanka Legal Consultant G.T.S. Perera, KPMG Tax & Regulatory Principal Suresh R.I. Perera and KPMG Real Estate Advisory Principal Shiluka Goonewardene.
Commenting about the event, CMI’s Sri Lanka Branch President Varuna Ratnaweera said,
“Over the past few years, it has become increasingly clear that the real estate market has evolved with quite different features. Thus the objective of the event is to provide a comprehensive overview of the current trends, opportunities and challenges in the real estate market while unravelling the growing concept of vertical living beyond 2020.”
The market for real estate assets in Sri Lanka has shown a significant growth phenomenon since 2009, with a marked increase in price of real estate assets including bare lands, residential housing, commercial premises and condominium style apartments. The changing landscape of Sri Lanka’s real estate market is likely to be further elaborated by shifting lifestyles of real estate buyers. These include; broader acceptance for apartment style living. However affordable middle income housing is an un-tapped market and provides emerging opportunities.
Goonewardene stated, “Vertical living is an attractive housing option in an emerging economy. The growing population, urbanisation and scarcity of land leave us with no other option but to consider high-rise living as an option. However the industry is also facing challenges, not least the evolving and increasing regulation of its business model and the knock-on-effect of the changing regulatory environment facing its investors. In this context is the market ready for the shift beyond 2020?”
This presentation which will be coordinated by CMI’s event management partner, Helanka Vacations, will take place on 25 March from 5:30 to 8 p.m. at the Victorian Ballroom, Kingsbury Hotel. For further information and registrations, please contact CMI/Helanka on 071-0676600 or KPMG/Jonathan on 011-5426428 or The Management Club on 011-5860000.
