Challengesof condominium development projects to investigate long term sustainabilityLiteraturereview What is condominiumsWith theincrease of population,urbanization scarcity of land of eastern countries theytrend to go for condominiums which is a western cultured life style. Condominiums are mostly acquired by highincome people of these countries due to that(sepani).
Special feature ofcondominium ownership is it has a dual ownership. According to edirimanna thiscan be called as individuality and commonality. Condo owners owned everything in their condo unit only by themselves ,but the common areas of the condos like elevators , lifts ,pools ,gymnasium , walking tracks,parking and launderette are ownedequally by every condo owners.
Some common amenities shared are garbagedisposal 24/7 security service and recreational facilities. Maintenancesare carried out by a condominiummanagement unit consisting of condo owners. Every owner has responsibilities inthat unit and are bound to pay monthly dues for maintainance activities. Condoowners can consume these common serviceswith lesser cost than individual house owners so the people are more likely togo for condominiums rather than building a individual house. (ediri)In Apartment ownership Act no 11 of 1982 it isclearly mention the individual ownership of multi storey properties. But due tothe lack of identification of managementconsiderations of condos amendment was made in 2003. Condominium managementauthority is the responsible authorityof condominiums in Sri Lanka.
It isillegal to start any condominiums project without the approval of the CMA. Those condo projects must be accordingto the specifications of the CMA. Condominiumtypes in sri lankaSuperluxury , Luxury or Semi luxury, Normalbasic apartments and middle income condo projects . This categorization isaccording to facilities and value of the condominium unit.
Type of condominium Condo unit value Region in colombo Super Luxury Above 30 million /= Colombo 01,02,11,03,04 Luxury or semi luxury About 25 million /= Wellawatta , Bambalapitiya, Colombo 07,08,09,10 Normal basic apartments From 18 million to 25 million Dehiwala , Mount Lavinia , Wellawatta Middle income condominium projects About 5 milion /= Rajagiriya, sri jayawardenepura kotte, battaramulla, malambe, Homagama , kottawa (onpoint sri lanka) Classificationof condominiums based on the facilities (senaratne) Facilities Type 24 hour security CCTV Fire protection Garbage disposal system Elevators Hot water Geysers MATV connection Children play area Vehicle park Private balconies Air conditioned apartment blocks Swimming pools Restaurant and bar Gymnasium Laundry Central Gas supply system Children’s pool Games room Convenience stores Video centre Changing and meal room for drivers Walking track Squash court salon sauna Standby Generator Service Elevator Three tier security system Legend Semi luxury Luxury Super luxury Thesecategorization was done in 2006 considering factors of that era. But now aftermore than a decade the living standard have changed rapidly so that thefacility demands of buyers may be higher. So it is necessary to re-categorizerelevant to the present situation. Existing Condominium projects in Sri Lanka(LankaPropertyWeb)( CMA) Condominium Location Year NO of floors NO of units Developer Royal park rajagiriya 1998 25 240 Kiangnam constructions Crescat residencies Colombo 3 1997 25 150 Asian Hotel PropertiesLtd The Monarch Colombo 3 2007 30 212 ” Havelock City Wellawatte 2014(P1) Max 29 879 Mireka Capital Land The Emperor Colombo3 2010 35 150 Asian Hotel and Propeties Ltd GS Towers Kotahena 2010 Twin towers 30 & 36 240 CT properties Ltd The Empire Residencies Colombo(adjacent to Empire Theater) 2009 2 towers 33 & 37 100 ” Capital Park Rampuram Wellawatta 2009 11 3 towers Pathma Constructions On320 Union Place ,Colombo 2 2014 37 3 towers 475 units John Keells Fairway sky gardens kotte 2014 31 120 Fairway Residencies Pvt Ltd Platinum 1 Colombo 3 2013 20 Penthouses & 66 residential apartments The Cornish Galle Face Terrace ,Colombo 03 2014 8 25 Complete Investments Iceland Residencies Colombo 03 2008 31 110 ICC Housing(pvt) Ltd Blue Orchid Residencies Borelesgamuwa 2016 Richmond Hill Residencies Galle 2016 Clearpoint Residencies Kotte 2017 46 164 Milroy Perera Associated (Pvt) Ltd OngoingCondominium Projects Condominium Location Completion Year No of floors NO of units Developer Grand Hyatt Colombo Colombo 03 Late 2017 47 475 Canwill holdings Limited & MAGA Krrish Ritz- Carlton Colombo 1 TBC Two 70 storied tower 70 Krrish Group , INdia Altair Colombo 02 2018 68 400 Indocean Developers The Residences at one Galle Face Colombo 01 2018 50 406 Shangri-La Hotels Lanka Ltd The Residence at Colombo city centre Colombo 2 2018 48 180 SilverNeedle Hospitality & Abans Capital Twin Peaks Colombo 2 2020 41 ( 2 tower blocks) 388 Capital Developers Ltd (sanken) Challengesfaced by condominium development projects can be discussed under 3 stages.
1. Pre construction phase2. Constructionphase3. PostconstructionPre constructionphaseNormallyIt’s seems that living in a condominium is a dream for anyone in the society.
It can be nightmare as well if the condominium you are living is notsustainable. Currently the condo demand in Sri Lanka is very high so the real stateindustry has risen rapidly throughout the past few years. So the it is veryprofitable for investors and developers to start condominium projects. But mostof the projects are not according to the specifications. Sustainable condo isthe main expectation of buyers. It isdeveloper’s responsibity to deliver good end product to the customer.
Evenbefore starting the construction of the condo, purchasing of condo unitscommenced in Sri Lanka. Due to the higher demand this happens without anyobstacles. Firstly developer gives rough sketch of a condo and condo unit andsome details of facilities they going to deliver for the residents and get aadvance from them. Most of these condominiumsare not even registered in CMA . So it is very important for buyers to have awide understanding before purchasing. So nowthe Condominium Management Authority has informed buyers to ask for some informationabout the condo from the developer before doing any payment.
Some of them areOwnership, copy of Deed , Approval of local authorities regarding the ownership,copy of street line certificate and preliminaryclearance letter by CMA. And some other areas to find out are whether approvalof Central Environmental Authority are taken, strom water drainage system , parkingfacilities, construction period , anticipating date of issuing deeds and systems designed by the constructor for water,electricity, sewers and also backup system for water and electricity. (CMA)In theconstructors point of view prior to construction they have to go through acomplicated legislative procedure in order to start a multi storey project. According to the Sri Lankan law the builderhave to register the building at least twice in order to be legal. Theprocedure is firstly enable approval of the pre sales of the unit and registrating as the provisional condominium property.
Next the registration of the condo as a completed condo property till theconstruction and the issuing of the certificate of conformity. This is also verycostly for the developer to go through various registration procedures. Due tothis problem now the most of the builder are neglecting this legal system.Pre-selling of condo units are carrying neglecting the registering procedure ,even the banks are also trend to neglect these requirements when issuing mortgages.
This is a huge challenge for the sustainability of condominium industry. (http://www.sundaytimes.
lk/150308/sunday-times-2/what-ails-the-condominium-industry-in-sri-lanka-139147.html)ConstructionphaseInconstruction stage developer should concern about the long term sustainabilitycondominium. Sustainability can be described in many ways. Simply thesustainability means that achieving of current required goals withoutdisturbing the future requirements. When this apply to construction of a highrise condo , developer should consider about the condo owner’s health , safetyand comfort ability of the owners. And also minimization of energy and materialconsumption. Now a days green building construction is very importantconsidering environmental factors. If every constructor stick to ‘Build rightthe 1st time’ concept , owners can get a top quality residence.
Thiswill minimize excess expenses of condos and reduce the frustration of owners.