Condo developers association formed in Sri Lanka

22 July 2015
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Developers in the condo market have come together to form the Condominium Developers Association of Sri Lanka (CDASL).

Founding council members of CDASL are Pravir Samarasinghe – Chairman (from Overseas Realty Ceylon Plc-ORL); S. Thumilan – Vice Chairman (Blue Ocean Residencies Pvt. Ltd); Hemaka De Alwis (Fairway Holdings Ltd); Suresh Rajendra (Whittall Boustead Pvt Lt); Prasanna De Zoysa (SMI Housing Development Pvt Ltd); Pinsiri Fernando (Suncity Property Developers Pvt Ltd); Kishore Reddy (Quest & Query Pvt Ltd); B. Premalal (Prime Land Pvt Ltd) and Lalitha Jayasooriya (Gampaha District Sanasa & Credit Cooperative Societies Union Ltd).

A media release issued by ORL on behalf of the association said its primary objective is to promote the interest of condominium developers in Sri Lanka, whilst working towards the development of the industry. CDASL is an affiliated association of the Ceylon Chamber of Commerce which was founded in 1839.

The association has already engaged various policy makers and Government bodies and has made submissions and recommendations for the development of the industry, it said. “The need to amend the Apartment Ownership Law and Condominium Law to cater to the changing requirements of the industry including the growing number of mixed-use developments has been taken up by the association with the Condominium Management Authority,” it said.

Proposals have also been made to review the new Land Law with particular reference on allowing foreigners to purchase condominium units above the 4th floor without any restrictions such as the 100 per cent inward remittance of purchase consideration and withdrawing the 7.5 per cent lease tax on rents to foreigners. Allowing foreigners to borrow through the Sri Lankan banking system to purchase apartments has also been proposed to further develop the property sector. “The idea of a special residency status to foreigners investing a minimum amount of foreign exchange into the country including for the purchase of condominiums has been mooted,” the association said.

Published: http://www.sundaytimes.lk/150712/business-times/condo-developers-association-formed-in-sri-lanka-156077.html