Aveneu Park, Starling, Australia

Challenges identification of management considerations of condos

Challenges of condominium development projects to
investigate long term sustainability

Literature review

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 What is condominiums

With the increase of population,urbanization scarcity of
land of eastern countries they trend to go for condominiums which is a western
cultured life style.  Condominiums are
mostly acquired by high income people of these countries due to that(sepani).
Special feature of condominium ownership is it has a dual ownership. According
to edirimanna this can 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 owned
equally by every condo owners. Some common amenities shared are garbage
disposal 24/7 security service and recreational facilities. Maintenances
are  carried out by a condominium
management unit consisting of condo owners. Every owner has responsibilities in
that unit and are bound to pay monthly dues for maintainance activities. Condo
owners can  consume these common services
with lesser cost than individual house owners so the people are more likely to
go for condominiums rather than building a individual house. (ediri)

In  Apartment
ownership Act no 11 of 1982 it is clearly mention the individual ownership of
multi storey properties. But due to the lack of 
identification of management considerations of condos amendment was made
in 2003. Condominium management authority is the responsible  authority of condominiums in Sri Lanka.  It is illegal to start any condominiums
project without the approval of the  CMA.
Those condo projects must be according to the specifications of the CMA.

Condominium types in sri lanka

Super luxury , Luxury or 
Semi luxury, Normal basic apartments and middle income condo projects .
This categorization is according 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

 

 

 

 

(on point sri lanka)

 

 

 

Classification of 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

 

                     

 

 

 

 

 

These categorization was done in 2006 considering factors of
that era. But now after more than a decade the living standard have changed
rapidly so that the facility demands of buyers may be higher. So it is
necessary to re-categorize relevant 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

 

Ongoing Condominium 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)

 

 

Challenges faced by condominium development projects can be
discussed under 3 stages.

1.     
Pre  construction phase

2.     
Construction phase

3.     
Post construction

Normally It’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 not sustainable. Currently the condo demand in Sri Lanka is very
high so the real state industry has risen rapidly throughout the past few
years. So the it is very profitable for investors and developers to start
condominium projects. But most of the projects are not according to the
specifications. Sustainable condo is the main expectation of   buyer. It is developer’s responsibity   to
deliver good end product to the customer.

Even before starting the construction of the condo,
purchasing of condo units commenced. Due to the higher demand this happens
without any obstacles. Firstly developer gives rough sketch of a condo and
condo unit and some details of facilities they going to deliver for the
residents and get a advance from them. 
Most of these condominiums are not even registered in CMA . So it is
very important for buyers to have a wide understanding before purchasing.

So now the Condominium Management Authority has informed
buyers to ask for some information about the condo from the developer before
doing any payment. Some of them are Ownership, copy of Deed , Approval of local
authorities regarding the ownership, copy of street line certificate , clearance
letter by CMA,

 

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