Kelsey progressing rapidly in property market

A resurgence in demand for residential land and housing in the mid-price segment has generated noteworthy growth for leading real-estate developer Kelsey Developments PLC.

The company reports that it currently has four projects under simultaneous sale, and at least five more projects in the pipeline for 2011-12.

Already, 29 of the 52 blocks of land ranging from seven perches to 20 perches have been sold in areas such as Kottawa, Boralesgamuwa and Wattala, and strong interest has been generated for a development in Colombo 3, Kelsey Developments PLC Director and Chief Operating Officer Jude Fernando said.

At ‘Makamba Gardens’ in Kottawa, only five of the original 17 lots are still available, while two of nine lots at ‘Urban Gateway’ a project launched in Kottawa at the end of June are already sold, he said. This property, comprising of 20 perch blocks is situated at Makumbura, just 500 meters from the entry point to the new Southern Highway.

At Wattala, six of seven lots at ‘Auburn Park’ launched in April 2011 have been sold, while at ‘Riverside’ Boralesgamuwa, where sales commenced in July, eight scenic blocks were snapped up in less than a week, Fernando said.

 “In the mid-price range that we are currently focusing on, there is a definite strengthening of interest,” he added. “People are looking to buy land for investments as well as to build houses. Our success has been in the careful selection of locations that offer quick access to the city with comprehensive services in the immediate neighbourhood, the guarantee of clear titles and a 25 year reputation for quality and integrity.”

In all of its projects, Kelsey seeks out virgin land in potential residential suburbs for development with infrastructure and amenities. The services of its subsidiary Kelsey Homes, one of the most respected companies in the design and construction of houses, are available to buyers who want to avoid the hassles of building on their own. The company covers its clients against price escalations, ensuring that inflationary costs are not passed on.

New localities being surveyed by Kelsey for projects in the current year include Malabe, Pelawatte and Thalawathugoda. The Company is constantly in search of suitable properties for development in the greater Colombo area as well, Fernando disclosed.

Among the many projects completed under the Kelsey brand are Maywood Terrace – Thalawathugoda, Glenwood – Battaramulla, Riverndale – Pitakotte, Vermont Residencies – Pelawatte and Fairmont – Mount Lavinia.