A combination of low interest rates and the launch of real estate-focused financial products is leading a trend towards investing in apartments, according to John Keells Holdings Vice President, Head of Sales and Marketing (Property Group), Nadeem Shums.
Sri Lanka’s financial sector has reached a phase of low interest rates – for fixed income products and housing loans. Together with strong underlying demand for condominium properties, the developer reported a surge in demand from investors on the look-out for stable, high yielding investments.
“Despite the challenges arising from the pandemic, the real-estate sector has continued to perform well. We have also made steady progress on construction with the towers ascending to the 39th floor. You can now start to see TRI-ZEN taking shape and transforming Colombo’s skyline,” Shums stated.
He added that with increased urbanisation more Sri Lankans are seeking a new standard in convenience offered by properties like TRI-ZEN because of the central location, superior amenities, and attractive rupee pricing. “This is where our competitive pricing, relative to other metropolitan developments, proves to be particularly attractive. Especially with increased construction costs and land costs, the value of such condominium properties will continue to appreciate.”
In order to offer aspiring homeowners greater financial flexibility, JKP announced a slew of partnerships with some of Sri Lanka’s leading banks for its ground-breaking ‘Freedom Mortgage Package’. By providing customers a two-year interest free period on their mortgage, it requires customers to only pay 20% now and nothing more for the next two years. Customers can enjoy a payment free period of two years, after which the interest payments begin, and the capital repayments are made three years thereafter.
Interest rates are attractive, from just 7% per annum, and homeowners have the choice of a suite of mortgage packages with minimal down payment required. With three leading banking partners offering expansive branch networks and excellent customer service embedded within the pioneering mortgage plan, homeowners have the choice of partnering with a financial institution of their choice.
“The response to Freedom Mortgage has been very positive, and it has allowed many investors who, would typically not be in a position to put together large amounts of capital, to finally have a clear path to invest in a project like TRI-ZEN. This is game changing for those looking either to hold the property as a long-term investment or to simply have a pad in the city for your family” Shums said.
TRI-ZEN is a joint venture between Indra Traders (Pvt) Ltd and John Keells Holdings PLC, with China State Construction Engineering Corporation Ltd (CSCEC) serving as the main contractor. The three tower 891-unit apartment project on Colombo’s Union Place will have one, two and three bedroomed apartments, with two-bedroomed apartments starting from just Rs. 36 million.
The complex will have over 35 amenities for a thriving community including green spaces, a jogging track, a swimming pool, fitness and wellness studios, and a games room, providing residents with an integrated living space capable of meeting all their needs, while its central location provides easy access to the heart of Colombo.