ICC to invest Rs. 4 b on Galle apartment complex | Sunday Observer

ICC to invest Rs. 4 b on Galle apartment complex

International Construction Consortium (Pvt) Ltd., has embarked on an ambitious Rs. 4 billion apartment complex in Galle.

“The oceanfront serviced apartments concept, initiated by ICC is expected to set a benchmark in the real estate industry.

Inspired by the success of service vacation condominiums on the beaches of Asia and Australia, the oceanfront condominiums, were first developed on the beaches of Nilaweli and it paved the way for the expansion of the brand,” ICC Chairman Harsha de Saram stated in a media release. “Construction work on the Oceanfront Condos, Galle, commenced in June lat year and we have completed two floors. The project will be completed by June next year,” he said.

The apartment complex will comprise 15 floors and house 92 apartments. There will be seven large penthouses of 2,626 square feet each and 90 per cent of the remaining apartments will be duplex apartments having two views of the sea at two different levels.

There will be three types of duplex apartments. Type A will have three bedrooms, ranging from 1,501 to 1,597 square feet, Type B - three bedrooms, ranging from 1,548 to 1,620 square feet, and Type F which will have two bed rooms on 958 square feet, according to the press release.

“What is unique about the entire concept is that we do not pre-sell, where the apartments are sold by showing the buyers the bare land. We sell only on the commencement of the construction,” he said.

The project will cater to buyers who want it for residential purposes and also to investors who live overseas and rent out the apartments. We will find tenants for those who wish to rent out their apartments as well, he said.

Some of the flagship projects of the company include the Iceland Residencies at Galle Face, Colombo 3, the Anantara Tangalle, the Institute of Technology, Moratuwa and Havelock City, Colombo 6.

ICC which was set up in 1980, is currently a Tier I general contractor and holds the highest rating of the Construction Development Authority of Sri Lanka.