30/05/2023
Mulberry Residencies, situated in Colombo 09, offers convenient access to essential amenities like schools, hospitals, and supermarkets. Comprising three 14-story towers, this complex provides 121 affordable luxury apartments with state-of-the-art facilities, including two gyms and two swimming pools. Each apartment features a master bedroom with an attached bathroom, a modern kitchen, an open-plan living and dining area with a balcony, a secondary bedroom, a visitor's bathroom, and a maid's toilet with a drying area.
SCI played a crucial role in advising on the acquisition, sales, and project management of a one-acre condominium project in Colombo 09. The ongoing residential development spans 220,000 sq ft GEA and consists of 121 flats, comprising 2-bedroom units measuring 1,000 sq ft and 3-bedroom units measuring 1,600 sq ft.
By focusing on an untapped opportunity during the development phase, we established a competitive advantage through our value proposition of affordable pricing and easy access to top-notch schools and essential establishments.
Despite facing obstacles including challenges such as rising bank interest rates, restricted access to construction materials due to import regulations, inflationary pressures, and the introduction of new taxes, such as a 17.5% VAT, we are proud to announce that we have successfully sold over 100 units and completed 90% of the apartment construction.
Our ability to navigate these challenges and achieve remarkable sales outcomes can be attributed to several factors. The market has experienced a positive impact from recent IMF relief and the appreciation of the Rupee, which has contributed to favourable sales results.
With the support of our dedicated team and the confidence of our valued customers, we anticipate the sale of the remaining units within the next three months. This is an exciting opportunity to be a part of an exceptional project that showcases our commitment to excellence and innovation.
