Sri Lanka’s real estate market is seeing a detectable shift away from landed housing towards vertical-living, i.e., apartment complexes, with Colombo at the heart of this urban transformation. John Keells Properties has been on the frontline of urban evolution, gearing up to innovatively engineer and accommodate the accessibility, affordability and inclusivity of modern urban living-spaces.
Over the past century, Colombo’s unique synthesis of the past, present and future has rendered it the commercial hub of the country. In accordance with Sri Lanka’s growing economy, Colombo is steadily redefining its real estate landscape. Increased real estate investments by foreigners and expanding urbanization have played key roles in this matter. Sri Lankans too are becoming wealthier, encouraging the implementation of more advanced lifestyle changes, and thereby advanced real estate changes as well. City-dwellers are on the lookout for a home that encapsulates their modern lifestyle and offers a fresh urban experience.
Despite statistics over the past decade revealing a clear migration of people away from the city, gushing influxes of locals and foreigners into the city has increased congestion within the metropolitan area. Swelling numbers of private vehicles, cab services, trishaws and the evident stagnation of local public transportation systems have significantly slowed down the city’s efficiency. This has now forced people to seek central locations which offer greater convenience and minimized commuting time.
Skyrocketing land prices due to the scarcity of land in Colombo has added to the soaring demand for apartments in the city over the last few years. Additionally, with jam-packed schedules, people nowadays also have little time on their hands to manage large households. Furthermore, the difficulty to find land and limited accessibility to mortgage financing are key causes for the increased demand for apartments in the city as well.
Alas, apartment living is the new trend today, as it has the ability to solve all of these problems. Moving away from large single-family units towards smart small-scale living-spaces or multi-family units offer much greater convenience and value for the modern city-dweller.
With the success of OnThree20 in 2014, John Keells Properties has established a revolutionary status for urban-living in the city, playing a pivotal role in the city’s urban transformation. On the lead to satiate the rising demand for apartments in Colombo, John Keells Properties has numerous projects in the pipeline including its most recent, TRI-ZEN and Cinnamon Life. Equipped with integrated smart technology and smart living spaces, TRI-ZEN on Union Place is a state-of-the-art, awe-inspiring residential abode in the heart of Colombo 02, optimized to nurture the modern urban experience.