On the beginnings of the project? Trillium Residencies is a flagship project of the BOI-approved Ceylinco Condominiums, a subsidiary of Ceylinco Housing and Real Estate Company, which has been in the housing construction industry since 1983. Previous projects include Barnes Place and Hyde Park Residencies.
We briefed the Sri Lanka Institute of Architects and then following a competition, Messrs Design Consortium Ltd was selected. Today we have a complex that features 300 apartments plus infrastructure. This includes recreational facilities such as a 25-metre-five-lane swimming pool, a gymnasium, an indoor badminton court, a day care centre, mini market, a laundry collection centre, a multi-purpose court and a park. We take care of our clients at Trillium and this is echoed in many aspects of this venture. From the care we took in the design and construction, to the care we express in terms of the provision of security and facilities that are of a superior quality.
On the progress? We have constructed these apartments in three stages, the first was the ‘Park Wing’ that was completed and handed over in April 2007. Today as I speak, we are in the process of handing over 120 apartments that form the ‘Golf Wing.’ The ‘Sunset Wing’ is presently under construction and comprises of a further 120 apartments due for completion in 2009. Both the Golf and Park Wings sold out in less than four months and we are currently offering up the Sunset Wing for sale. Out of the first 60 on offer, we have sold out 40, given the market that we are encountering.
“A number of investors are looking more at interest driven options, but we feel that our property provides an unmatchable investment proposition to hedge against inflation.”
Trillium as an alternate investment? A number of investors are looking more at interest driven options, but we feel that our property provides an unmatchable investment proposition; to hedge against inflation. There are two main types of investors: Those looking for an investment opportunity, be it either short or long term, and the end user market who wish to reside at Trillium. Today we still see a number of purchases with regard to the end user market that is sustaining us. Because of our central location and other infrastructure, Trillium is an ideal investment for those also considering the rental market. It is my opinion that both apartment living and apartment construction are here to stay. Those living in apartments, especially those with employment in the city, prefer to live in an apartment for a few reasons: firstly, security; secondly, the luxury of being able to close up and leave whenever one chooses to do so. Another factor is the decrease of domestic assistants, and thus apartment living makes it easier to survive and exist without their need. Commuting to and from the city is also made easier with apartments such as Trillium.
Semi Condominium Plan? Trillium has also received approval from the Condominium Management Authority (CMA) for a ‘Semi Condominium Plan’ status, that allows Trillium to engage in the transaction and transfer of deeds and also sale and purchase agreements.
What sets Trillium apart? Trillium is not a millrun, as it were. If you were to go to Wellawatte you would find a number of mass-produced similar apartment blocks, but Trillium is different. Trillium Residencies is designed to ensure that over 50% of the total land area is dedicated to space, greenery and foliage. This creates the unique atmosphere of ‘a place you fall in love with.’ Thus it is a combination of design, location, and infrastructure that makes us very unique.
Our ability to continuously service the client also makes us unique. We are one of the developers who have all these ingredients and a property that we create is certainly not a millrun. Thus even in a depressed market, a property such as Trillium has the advantage of good results for investors and appreciation of property.
Trillium is a unique project located opposite the Royal Colombo Golf Club and alongside Elvitigala Mawatha, the spinal cord of traffic between the north, south, and east of the city. Cryshantha Jayawardhana, Deputy Chief Executive Director of Ceylinco Condominiums reveals all
The planning of the city of Colombo? The Urban Development Authority has done the planning of this city and now the required infrastructure should be provided. In this regard we have had many discussions with the various stakeholders including the government insisting that funds be released for these continued developments.
Corporate Social Responsibility? Under the guidance of our able Chairperson Padmini Karunanayaka we initiated the construction of 45 homes for tsunami victims. This project in the Kalutara district is due for completion by mid-2008.
On the role of the CMA? The CMA ensures that all facilities that are required for proper functioning are available and fully functional. This is a positive step in terms of ensuring quality via drafted legislation. The onus is on the developer and the due diligence by the CMA ensures all that is set out is achieved.
Photo Caption – Cryshantha Jayawardhana, Deputy Chief Executive Director of Ceylinco Condominiums