Lamudi - Property Now / Issue #5

July - August 2016 | Issue 5

Featuring: Sri Lanka Vs. Malaysia, In Foreign Lands, The Melwire Group, Small Apartment Big Design

Page 18

MARKET OVERVIEW

HERITAGE GROVE: YOUR HOME AND MORE

By Aitken Spence Residencies

-Pg. 08

HOW CAN

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REAL ESTATE EXHIBITION

-Pg. 40

-Pg. 22

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02 / Lamudi Magazine

PROPERTY NOW #5 Dear Reader, Thank you for picking up the fifth issue of the Property Now magazine, the premier real estate magazine in Sri Lanka. As Sri Lanka’s No. 1 real estate platform, Lamudi is uniquely positioned to follow the contours of the real estate market’s transformation. Thus, we have compiled significant data and information in order to address the fascinating trends in the industry and to keep you up to date in a market where information is scarce.

This issue focuses on the status quo of real estate in the central province where the information such as the property prices, demand and changes in the province are described. In addition, a comparison of the real estate market of Sri Lanka and Malaysia is included along with information about the upcoming megapolis, an overlook of the real estate trend in a developing nation such as Bangladesh.

The issue also highlights the growth of agents and developers across the country, showcasing their recent projects.

Additionally, we at Lamudi have the honour of announcing the second Real Estate Expo this year, after the success of the very first one couple of months ago. In September 2016, the expo welcomes a number of developers, contractors and interior designers from across the country and also internationally, to display their projects to a wide range of audience.

Lastly, the issue also features additional content, technology in real estate, interior design, architectural renovation and sustainability in modern real estate.

I would like to leave our dear readers and followers with warm wishes and - as always - your feedback is welcome at any time.

Have a nice day!

Jafar Jafarov, Managing Director – Lamudi Sri Lanka

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About us Lamudi Sri Lanka is the country’s leading online real estate platform which has been connecting buyers and sellers of residential and commercial properties, both locally and internationally, for the past 2 years. Since day one, Lamudi noticed nothing but tremendous interest towards the platform.

The sole purpose of the company is to assist buyers in finding their ideal home, land or commercial property. Lamudi aims to provide as much information as possible in order to empower the customer in their decision making.

The company works creatively in providing the best means for connecting the buyer and seller via the website as well as the mobile app. The app hosts more than 900,000 properties advertised among 34 countries in Asia, the Middle East, Latin America and Africa, allowing property hunters to search for real estate all over the world.

To date, Lamudi Sri Lanka and its global family have reached several milestones.

Expanding to 34 branches within a span of two and a half years is an example of the growth of the company. With many goals to reach in the near future, Lamudi focuses on continually providing the Sri Lankan market with the best service possible and information about the real estate sector of the country.

CONTENT DEVELOPER HIGHLIGHT / Page 4 SPOTLIGHT ON CENTRAL PROVINCE / Page 6 FEATURED DEVELOPER / Page 8 TRILLIUM UNVEILS PLANS FOR THREE NEW PROPERTIES / Page 12 SRI LANKA VS. MALAYSIA / Page 14 MARKET OVERVIEW / Page 18 INDUSTRY EVENTS / Page 22 NINE TIPS FOR BUYING FORECLOSED PROPERTIES / Page 24 IN FOREIGN LANDS / Page 28 EIGHT SURPRISING REAL ESTATE TIPS / Page 32 THREE BEST AREAS TO LIVE IN COLOMBO / Page 34 SEYLAN BANK'S SIRINIVASA / Page 36 SPAN TOWERS / Page 38 HOW TO TARGET FOREIGN INVESTORS? / Page 40 TECH IN REAL ESTATE / Page 44 INTERNATIONAL PEARLS / Page 46 THE MELWIRE GROUP / Page 48 PODI WALAWWA - RE-DO / Page 50 TIPS TO CREATING AN ECO-FRIENDLY HOME / Page 52 SMALL APARTMENT, BIG DESIGN / Page 54 INTERIOR DESIGN STYLES FOR YOUR LIVING ROOM / Page 55

Vivek Sadananthan Publisher: Lamudi Sri Lanka

Editor

Address: No 9, 4/1 School Lane, Colombo 03 Phone: 011 4 062850

Ruth Jansz

Email: wecare@lamudi.lk

Writer

06 / Lamudi Magazine

SPOTLIGHT ON CENTRAL PROVINCE One of nine Sri Lankan provinces, the Central Province, is perhaps the most scenic; nestled in the central mountainous region of the country. In size, it is the sixth largest by area and more than 2.5 million people reside there. The capital of the province is Kandy.

ONSITE SEARCH TRENDS

Not surprisingly, our online search data shows that Kandy is the most searched for city in the province, with 4.17 percent of the total online search entries. Second is Matale with just 0.2 percent of the searches. Kandy has a large selection of different properties ranging from luxury apartments to affordable houses and commercial projects.

Kandy

The city of Kandy is elevated at 465 meters above sea level, so, many of the properties have great views onto the Kandy Lake. One thing that strikes you about Kandy is the colorful houses and hotels, that inject a burst of creative spirit to the hillside city. Urban buzz is generated by bustling street markets and busy bus stations. There is no shortage of culture on offer, and in comparison to Colombo, the city is much cooler and relaxed, in part due to its higher altitude.

House Prices

The average price of a house in the city is Rs. 12 million. Compare that to the Rs. 25 million average cost in Colombo and you get an idea of the value available in the Central Province. Though Colombo remains the premier location for property investors, interest in Kandy is rapidly increasing, and is becoming a viable alternative.

Commercial property

Luxurious commercial spaces cost approximately Rs 280 million in Colombo, and these prices are roughly 50 to 60 percent lower in Kandy. The same is true for mid-range commercial spaces. A high-end hotel can be bought in Kandy for Rs 40 million, sitting on 65 perches. A 28 perch hotel in Colombo could cost as much as Rs 65 million.

Colombo-Kandy Expressway

Also known as the Central Expressway, this road project has experienced numerous delays, but it was due to begin construction in June 2016. The expressway will be built in three phases with funding from China. The total cost is expected to be around Rs. 200 billion and the projected completion date is 2018, although that looks to be rather optimistic, given all the delays. The length of the road is 99 kilometers and will cut the travel time between the two major cities substantially.

Average commercial property prices Luxury: Rs 286,875 per perch Mid-Range: Rs 51,000 per perch

07 / Lamudi Magazine

Strategic Cities Development Project

It was announced towards the end of 2015 that Kandy, the hidden jewel of Sri Lanka, is to get a US$94 million capital investment overhaul. This figure includes the Kandy expressway, the Dynasty Residence, and a new smart city initiative.

Dynasty Residence Kandy

This the first ever luxury residential apartment project to be built along the banks of the Mahaweli River, the longest river in Sri Lanka. The apartment complex has an ultra modern city feel, with world class architectural designs built under US Green Building LEED standards, which ensures it is energy, water and environmentally friendly. The scenic views are breathtaking from the Sky Villas and Penthouse to the Knuckles Range—the range which takes its name from a series of recumbent folds and peaks.

The iconic project consists of two phases, one which was completed in 2015—the 15-storey, exclusive luxury residential apartment tower, and the second to be completed in 2016—bringing a 21-storey, four-star hotel called the Royal Palace, with 161 luxury rooms and serviced apartments.

The design of the complex is at one with its surroundings and seeks to create a harmony between the lush rolling hills and the concrete construction. The majestic Mahaweli River can be seen from some of the rooms and is a powerful metaphor for the fresh new economic flow into this burgeoning city. The connection to nature will be completed with a 360-degree view and its location beside the ‘Elephant Bath’, the best place to see elephants bathing in Sri Lanka.

Smart city

Kandy is set to undergo extensive development in the next years to become Sri Lanka’s first smart city. This will go a long way to fuel economic growth in the city and will have a significant knock-on effect on real estate. As more businesses in the technology field locate to Kandy to benefit from its smart city features, demand for property will rise as a consequence. The core infrastructure elements in a smart city would include adequate water supply, uninterrupted electric supply, proper sanitation with waste management, efficient public transport, appropriate governance, health and education, sustainable environment and safety of its citizens. The city of Kandy is not only the hill capital of Sri Lanka but also the best investment destination in Sri Lanka. Analysts predict high growth within the next couple of

years due to four factors: a large development budget to enhance the city, which is more than double compared to the city of Galle (43M USD), Kandy being named the first smart city, construction of the Colombo-Kandy expressway and Dynasty Residence changing the skyline of the historic hidden jewel of the enchanting hill capital of Sri Lanka. Despite the global economic crises, Sri Lanka maintained an average GDP growth of 6.22 percent from 2003 to 2015, an impressive feat given how world economies have struggled in the past five years.

INVESTING IN SRI LANKA 1 The only country in the world that has Free Trade Agreements with both India and Pakistan.

2 Free trade access to 25 percent of the world’s population.

3 Free Trade Agreement with China is under negotiation.

4 Situated in the middle of major shipping routes between South Asia, Europe, and America.

5 Maintained strong GDP over last four years.

6 Recently became a middle-income country.

7 Real estate is an attractive sector with cities like Colombo and Kandy offering good opportuni ties.

8 Most literal population in South Asia.

9 Most advanced telecommunications infra structure in South Asia with four fixed line and five mobile operators.

10 State-of-the-art airport and aviation facilities.

08 / Lamudi Magazine

HERITAGE GROVE: YOUR HOME AND MORE

An innovative concept which introduced the idea of premium living with unparalleled convenience, Heritage Grove was pioneered by Aitken Spence C&T Investments. The Grove will provide owners with a home on a vast setting of open green landscapes, making it the first housing concept of its kind .

Heritage Grove Negombo is developed by Aitken Spence C&T Investments, a partnership which operates under Aitken Spence’s newly established sector, Aitken Spence Residencies. Aitken Spence C&T Investments is a joint venture between Aitken Spence PLC and two partners of high esteem, A. Y. Attapattu and S. Chandramohan. Both partners are valued leaders of their respective fields and possess diverse corporate backgrounds in the fields of logistics, media, ingredient manufacturing and exports. Aitken Spence PLC has been listed on the Colombo Stock Exchange since 1983 and has also been recognised by Forbes as one of the most successful companies with annual sales under US$1 billion outside the United States.

Aitken Spence has diversified into 4 sectors covering cargo and logistics, hospitality and tourism, services and strategic investments.

Heritage Grove is an exclusive living environment designed to provide a unique experience which combines spacious villas with Aitken Spence hospitality. The Grove is constructed under the patronage of Aitken Spence, which boasts over 100 years of experience in a range of industries, instilling home owners with confidence and a sense of reliability and trust. We strive to imbue villa owners with a

09 / Lamudi Magazine

lifestyle of expediency, providing ease-of-access to a wide range of comforts. Aitken Spence Residencies aims to afford villa owners with a premium community lifestyle which provides an economically feasible option with a variety of additional services.

What is Heritage Grove?

Heritage Grove is an upscale housing scheme which is to be developed on an enticing landscape and will house 141 villas, each of which will be constructed on 20 perch blocks of land. The objective is to deliver you with the finest living community. Conceptualised as a fusion of traditional and contemporary architecture, Heritage Grove is personalised to meet all the requirements of modern living. Located away from the congestion of Colombo, Heritage Grove offers a “country-club” lifestyle combined with a premium living experience. Introducing the concept of “boundary-less living”, villas are unfenced to provide owners with an environment that does not disgruntle them by creating a sense of confinement. The Grove will span over a landscape of over 30 acres. To complement the harmony of living among verdure, over 4 acres of the Grove has been allocated as open landscaped areas including the existing Negombo treescapes, a massive 40 perch Lotus pond and a 2 kilometre paved jogging path.

Villas are available in a choice of three styles, the Mahogany Villa, Teak Villa and the Oak Villa. The Mahogany Villa and Teak Villa present the option of a two-bedroom single storey villa with two bathrooms.

To ensure that villa homes meet the requirements of occupants, the Mahogany Villa is available in a choice of 3 layouts while the Teak Villa is available in a choice of 4 layouts and may be personalised with a range of additional options to suit your requisites. The larger, two-storey Oak Villa comprises of three bedrooms and three bathrooms and is available in a variation of 3 orientations.

All villas possess standard design features such as three flooring options to choose from, air conditioning in bedrooms and living area and a fitted pantry.

DESIGNING YOUR HOME… To ensure that villas are as functional as they are aesthetically pleasing, villas were conceptualised by globally awarded architect Murad Ismail. Murad’s high acclaim has led to him being the only Sri Lankan architect to have designed an accommodation for Four Seasons, resulting in a design which was chosen by the Home Journal Magazine, Hong Kong as one of the World's 10 Hottest Designer Hotels and Resorts.

Villas are designed, not to encapsulate, but to liberate all those who occupy with large open areas and exposure to fresh air. However, open areas are not just to ensure that homes receive optimal ventilation but also encourage interactions within the community.

10 / Lamudi Magazine

avant-garde approach to living standards, Heritage Grove is a niche concept that offers a range of options of modern and contemporary architecture. The Grove will be erected on a pristine coconut grove and will offer spacious villa homes along with a range of services including, but not restricted to, healthcare and round-the-clock security, with the ability to choose from a range of premium services including garden maintenance and scheduled cleaning of villas.

…and more

Villa owners will find a variety of amenities available to the community to engage their body and mind.

Heritage Grove also houses a beautifully designed and fully-equipped clubhouse for residents. The clubhouse will accommodate facilities such as a tennis court and will also feature an in-house restaurant from which residents can satiate their cravings while entertaining family and friends. The clubhouse also houses a state-of-the-art gymnasium and a swimming pool

11 / Lamudi Magazine

THE PERFECT LOCATION FOR THE PERFECT HOME

Owning a villa at Heritage Grove offers you a home located at a 45-minute drive away from the concrete jungle of Colombo, in the coastal region of Negombo. Situated just minutes from the main town, the Grove is conveniently located to provide ease-of-access to a range of services such as hospitals, banks, supermarkets and more. The refreshing environment of the coastline provides its own therapeutic benefits. Negombo provides the ideal location for a second home, with its captivating architecture, picturesque beaches and exciting nightlife, the delightful beach town leaves little to be desired. The town also possesses a wide variety of attractions and activities to keep residents occupied and entertained, allowing them to spend the day relaxing on the quiet stretches of beaches or even enjoy a night out on the town at a wide variety of bars and restaurants, all of which are located within a 15-minute drive from the Grove. Heritage Grove is also located within minutes of the Katunayake Expressway, allowing a quick drive to Colombo, should the need arise.

WHY NOT AN ALTERNATIVE? Choosing the right home for you is a process that entails a considerable amount of consideration. With the development of high-rise apartments around the city of Colombo, investors are more inclined towards the purchase of apartments. However, homes constructed in multi-tiered complexes leave little or no room for expansion or modification. Individuals looking to purchase a home may find that they do not require expansion, however those seeking the ideal family home will find that the confines of an apartment does not provide the proper environment for their family. In comparison, the benefits of owning an apartment are far outshone by the alternative of owning a home that meets your every need .

BUILDING YOUR HOME

Heritage Grove has received immense positive feedback in response to the construction of villa models. Villa homes have been in high demand, which

has resulted in the rapid increase in the sale of villas in the first phase of the development. The encouraging reception of the villa models have fuelled the initiative to begin construction, which will commence in the near future and is due to reach completion within a period of 15 to 18 months.

For enquiries regarding Heritage Grove or purchase of villa homes, information can be obtained by email at heritagegrove.sales@aitkenspence.lk or visit our web site www.heritagegroveliving.com

12 / Lamudi Magazine

Chairman of Trillium Group, Janaka Ratnayake, speaks at the launch of the three Trillium properties

TRILLIUM UNVEILS PLANS FOR THREE NEW PROPERTIES Projects planned in Colombo 5, 6 and 7 Guarantees 100% buy back guarantee or fixed ROI

Having transformed the way real estate is perceived in Sri Lanka with some landmark real estate development projects where luxury remains the underlying ethos, Trillium Group unveiled an ambitious expansion framework destined to change Colombo’s skyscape. The planned projects are a super luxury apartment complex at Havelock Town Colombo 5, a 40-roomed executive service apartment complex at Torrington Avenue, Colombo 7 and a modern office complex of 40,000 square feet for the Group, in addition to a semi-luxury housing complex comprising twenty units in Nugegoda which began construction in early 2016. These projects come under the umbrella of the Trillium Group together with City Housing & Real Estate Company PLC.

Collating decades of experience and expertise through a journey that began in 1984, the Trillium Group has built for itself a legacy of developing landmark real estate projects that truly delivers on its promise. “We began our historical journey with Hyde Park Residencies, then Barnes Place Residencies, Eden Garden, Lotus Grove, The Villa, Sanctuary and of course Trillium Residencies, Colombo 8 which is our flagship project,” recalls Chairman Janaka Ratnayake. “It is undoubted that our real estate has created a legacy constructed on our reputation for quality workmanship, unique architectural and structural designs and timely delivery coupled with facility management systems for the maintenance of these properties.”

Another facet he emphasises is that The Trllium Group guarantees not only a high quality project but also a high return on investment which has now set the benchmark for others in the industry to emulate. “We are also extremely proud that Trillium Property management surpassed the Rs 1 Bn mark just three years into operation which also vouches for our stability and astute management blueprint.”

Chairman of Trillium Group, Janaka Ratnayake, speaks at the launch of the three Trillium properties

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Trillium Havelock Town is conceptualised to house luxury duplex condominiums, over forty super-luxury apartments and one of the most contemporary penthouses in the country, all articulating understated luxury with detailed practicalities including multi-storey parking, well appointed clubhouse, glass edged infinity pool and state of the art gymnasium. Trillium Express at Torrington Avenue, billed for completion in 2017, is positioned primarily for the business traveller, adopting lean-luxury within forty executive serviced apartments replete with five star vignettes imperative for the discerning global guest. The open-space 40,000 square foot state of the art headquarters for Trillium, accessible for the specially able as well, mirrors Europe’s architectural corporate concepts within a mixed development milieu encompassing the finer points of corporate lifestyles including mini-theatres, coffee bars, private lounges, recreation facilities and fibre-optic broadband. With Sri Lanka’s real estate industry gaining significant advantages from the Fiscal Budget 2016, the Trillium Group intends maximising on the emerging opportunities foreseen in both commercial and residential developments. While the commercial capital will continue to be in high demand due to Colombo gradually becoming the epicentre for commerce in the region, Trillium foretells that city

suburbs too will gain cascading benefits. This prompted the mooting of the City Housing Complex in Nugegoda catering to middle income segments via semi-luxury houses and condominiums. While in another visionary decision, the Group has ventured into a new industry area via Trillium Leisure, developing two properties in Maharagama and Kahathuduwa conceptualised on environmentally friendly interactive experiences.

Toasting the launch of Trillium - Chairman Janaka Ratnayake, Directors Rachitha Ratnayake and Lekhya Ratnayake and Head of Sales Sajith Majmudeen

Chairman of Trillium Group, Janaka Ratnayake, speaks at the launch of the three Trillium properties

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COUNTRY COMPARISON: SRI LANKA & MALAYSIA The average person in Sri Lanka earns less money, lives a couple of years longer, consumes a lot less electricity and has 19 percent fewer babies than in Malaysia, but what about real estate and GDP, who comes out on top and what differences can be observed?

REAL ESTATE

GDP COMPARISON

The economy in Malaysia is slowing, the currency is weakening and there is a political scandal surrounding Prime Minister Najib Razak; but house prices continue to rise. Transactions are down marginally and residential construction has slowed.

During the year to Q3 2015, the national house price index rose 5.43 percent above the 2.74 percent current inflation rate. This is down from the 7.88 percent in the previous year.

In Sri Lanka, it is the opposite, the economy has seen unprecedented growth in the recent past, the government boasts of envy-inducing GDP growth of 7 percent year after year, but house prices seem to have paused. In a country with no established system to report prices, average house prices are difficult to judge but are estimated to have fallen by 1.23 percent during the year to Q2 2015. Apartment prices rose by 0.7 percent. Colombo witnessed the biggest drop in house prices declining by 8.6 percent.

The GDP per capita in Malaysia is significantly higher than in Sri Lanka. In 2011, it was $10,427 in Malaysia but only $3,128 in Sri Lanka. In Sri Lanka gross domestic product expanded 2.5 percent in the fourth quarter of 2015 over the same period in the previous year, averaging 6.22 percent from 2003 to 2015, but down to 2.5 at the moment.

Buy

Rent

AVERAGE PRICE IN USD

SRI LANKA

MALAYSIA

Apartment (city centre) per sqft

$119

$196

Apartment (outside) per sqft

$70

$103

3-bedroom apartment (city centre) per month

$793

$1024

3-bedroom apartment (outside) per month

$350

$511

In Malaysia, the economy expanded by 4.2 percent year-on-year in the first quarter of 2016, which is the weakest growth since the first quarter of 2013. Annual growth between 2000 and 2016 was 4.75 percent, recording an all-time high of 10.3 percent in the first quarter of 2010.

High rise buildings in Sri Lanka The city skyline in the capital Colombo is changing drastically month by month. High-rise buildings are popping up in a way that was unheard of in times gone by. The rapid pace of construction is changing the skyline, and in a few years, it will be unrecognisable. Individuals and companies are injecting significant amount of money into property with high expectations for a profitable yield in the coming years.

Land prices increasing in Colombo The hot locations still remain as Colombo 1,2,4,5, and 7, but there are opportunities arising — given urban development plans — in Colombo 11,10, 8 and Crow Island. Figures from the Research Intelligence Unit (RIU) point to an average appreciation in Colombo 1 from 8.5 million Rupees per perch in mid-2012 to 13.6 million per perch in mid-2015

15 / Lamudi Magazine GDP per capita(current U$$) ? $12,000

Malaysia

$11,000 $10,000 $9,000

$8,000 $7,000 $6,000 $5,000

Sri Lanka

$4,000 $3,000 $2,000

Malaysian outlook

Luxury property in Sri Lanka

The property sector in Malaysia — residential, commercial, and industrial — grew rapidly between 2009 and 2013 with many young people entering the property market. Growth then slowed in 2014 and decelerated in 2015, an expected outcome for a consumer segment with little holding power.

Malaysia’s biggest problem is its net external debt: the knock-on effect from the embattled Chinese economy and the depreciation of the yuan taking its toll — China is Malaysia’s biggest trading partner.

In the last few years, Sri Lanka’s luxury property market has been booming. The Sri Lankan market is a target for high-net-worth foreign buyers in addition to wealthy Sri Lankan immigrants since the end of the war. The luxury residential market in central Colombo commands average prices of an average of USD 300 per square foot. This puts two or three-bedroom properties out of reach for 90 percent of the population. Another factor that will help the real estate sector later in 2016 is MP Karunanayake’s decision to reduce the levies on accommodation in the travel industry. This will go a long way to help landlords in the country who are offering tourists short term lets and could stimulate the buy-to-let investor market. This will have a positive effect on the greater economy.

Challenges for Malaysia 2016 will likely be a slow year for real estate with the following challenges faced: *Stringent lending rules *Slow global recovery *Surplus of launches at inflated prices in 2014 and prior to that *Full impact from developers’ interest bearing schemes (DIBS) *National issues

Retail market in Malaysia Year-on-year growth was down in 2015 compared to 2014 due to goods and services taxes (GST).

Rising prices and a weaker ringgit will continue the reduced level of spending in the market. Certain segments will remain stable — food and beverage outlets — while others will expect to suffer a major decline while sales of up to 70 percent continue to be offered.

The residential market in Malaysia House prices are expected to correct themselves in 2016. 2015 saw a consolidation with falling transactions and flat sales, but prices continued to rise. Developers kept prices high by limiting the supply of new units, but in the long-term it is expected that their offering will meet affordability levels of local consumption. The residential segment will continue to be the main driver of the property sector; albeit at lower levels than witnessed in previous years.

Upcoming projects Sri Lanka Altair, in Colombo, developed by Indocean Developers Ltd is due for completion in 2017 situated facing Beira Lake in Colombo 2. The eco-friendly residences are south-facing to take advantage of the sun’s movements as such are bathed in light for most of the day. Facilities include four swimming pools, a sky garden, and an extensive retail offering.

AVIC Astoria, developed by Avic International is expected to be completed soon. The Astoria’s four residential towers are located in the heart of the city in Colombo 3. 608 luxury apartments are in situated with six rooftop duplexes, which will set new standards in luxury for the city.

Upcoming projects Malaysia Verdi Eco Dominium is a nine-acre high rise development in Cyberjaya, Selangor that offers high-quality furnishings and innovative architectural designs. The idea of ‘living in a park’ is a plan to harmoniously blend the elements of modernity and nature to create a comfortable and tranquil environment. Sentral Suites is a new landmark development in KL Sentral, Kuala Lumpur. Its strategic location offers the best of cosmopolitan living in a self-sustainable manner. Facilities include a gym, Jacuzzi, infinity pool, and BBQ area.

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CONTENT

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1. Demand Analysis 2. Cumulative Supply 3. Apartment category analysis 4. Analysis by price and number of units 5. Service charge levels 6. Sales wise analysis -who is buying apartments?

7. Pre-sales ratios 8. Payment patterns 9. Secondary market prices 10.Floor rise 11.Analysis by product mix( 2,3 ,4 bedrooms) 12.Detailed ďŹ tting and features of apartments 13.Over view of the apartment projects in Colombo 14.Cumulative supply of apartments over next 5 years 15. Market Need Assessment

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18 / Lamudi Magazine

MEGAPOLIS AND ITS IMPACT ON PROPERTY PRICES CEO- Roshan Madawela: Real Estate Intelligence Unit

Whilst there are government drafted zoning plans that continue to guide land use in Colombo, the seemingly spontaneous emergence of tall buildings in all parts of the capital is essentially driven by market forces. We shall return to this argument about market forces and its interplay with government plans later in this research article. The immediate concern of many commentators is that despite the visible improvements that has taken place in the city, the lack of an overall strategy that will address multifarious concerns of the capital and its immediate surroundings in the Western Province, poses serious threats to the future growth of this part of the island which represents the economic growth engine of the island economy.

Enters The Megapolis The Western Megapolis is a Project that embraces the plans, implementation and strategies that are diverted to develop the Western Region of the country in order to achieve Sri Lanka’s national goal of becoming a high income developed country. Western Megapolis’ grand plan envelops the entire spectrum of activities that are involved in achieving this great national objective. It is envisioned that the following three methods would be engaged in positioning the nation towards this goal: 1) Enable the national economy to capitalise on the gains of economies of agglomeration that would result in urbanisation; 2) Eliminating negative aspects that results from development of urban infrastructure especially unplanned, hap-hazard urbanisation; 3) Reducing per unit capital cost of infrastructure provisioning.

The Western region constitutes of three administrative districts, namely Gampaha, Colombo and Kalutara. The city of Colombo is the economic, commercial, financial, and intellectual hub of the country. The western region is centered on the city of Colombo and leads the rest of the country in every sphere of activity. The administrative capital of Sri Jayawardanapura-Kotte is located in the outskirts of the city of Colombo. The present population of this region is around 5.8 million, with about 2 million living in the city of Colombo and its suburbs. The total population in the proposed Western Megapolis is envisaged to reach 8.7 million by 2030. The Western region covers only six percent of the total land mass of Sri Lanka but accommodates about 29% of the total population of Sri Lanka. The western region also produces more than 40% of the total GDP of Sri Lanka. Over the past 10 years, the population growth in the western region was marginal but the level of urbanisation was very high, especially in the Gampaha

District. This is mainly due to land availability and its proximity to employment and economic centers, such as the city of Colombo, ports, airport, industrial areas, BOI zones etc. Presently, the population in Gampaha district is almost the population of the Colombo district and the projection is that Gampaha district’s population would surpass the population of Colombo district in the near future.

As RIU has been monitoring land prices in Colombo for over a decade we can note that land prices in central Colombo have hiked at extraordinary rates since the end of the war in 2009. This landmark achievement was the most significant factor to impact the property market.

In the short-term, we do not expect any major impact of the Megapolis plan on property prices. We can expect to witness continued interest in apartments, houses and lands from local individuals, expats and to a lesser but growing extent, foreigners. If we consider the luxury apartment segment, current supply is set to move from 3000 units to 6000 by 2019 with projects such as Altair, Shangri-La and Colombo City Centre being completed.

19 / Lamudi Magazine

In the long term, land prices in the suburbs and beyond will receive a boost from receiving the benefits of better planning in a similar way to the impact of recent city ‘beautification’ on Colombo central land prices. However, there will be significant differences between areas that benefit from new road and rail infrastructure initiatives from those areas that do not. Therefore, the impact on different geographical locations on the western province will need to be assessed on a case-by-case basis. There will certainly be winners but there may also be some losers. With reference to the much talked about Colombo Port City project, the green lights that were given to what will be the single biggest private sector development project in the history of the island, turned to amber with the change in political power in 2015. However, this ambitious project is said to now be incorporated under the overall Megapolis plan and will go ahead following some additional compliance and environmental impact studies in order to confirm that there will be no negative impact on the coastline.

It is also expected that foreign ownership will be limited to long-term lease agreements as opposed to freehold ownership which was previously agreed.

Assuming that the project will go ahead as planned, its impact on the Colombo real estate market will be a long-term consideration. Whilst it’s true that the additional 575 acres of water-front land will add to the supply of real estate stock in the city, we can expect that much of the demand for port city land will arise from new

areas of economic activity along with port related businesses and leisure sector developments. The SLPA Chairman had remarked recently that the area will be “developed as a port city with roads, water, electricity, communication facilities to set up shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas, marinas and with a lot more additions that will develop the area as a modern city.”

Therefore, we would expect the Port City to elevate the profile of Colombo and increase the demand for its real estate from both local as well as foreign investors. The economy of Sri Lanka and western region has grown at a steady pace over the last few years. The projection is that this momentum would be maintained and sustained in the coming years. Sri Lanka’s GDP/Per Capita is about 4000 USD and therefore is considered a middle income country. GDP for western region is projected to reach over 230 billion USD by 2030. By 2020, the projection is that the per capita income in Sri Lanka will be around 12,000 USD on the assumption of an average annual growth rate of 7-8%. The economic development in the next 15 years is crucial as the country has to move from labor intensive to skill intensive industries and to a knowledge based economy. Where real estate is concerned, the long-term growth prospects are in the hands of those who will manage the macro-economy of the country. In whatever eventual form and shape the Western Megapolis Development program will be implemented, it is expected to change the economy of the country and people, life styles, employment generation, transportation, tourism, infrastructure and the entire gamut of activities in everyday life of not only in the region but in the entire country.

This development program will open doors for many foreigners to come into the country for business and work and many more expat Sri Lankans will return to Sri Lanka. This scenario will create an unprecedented growth in the real-estate market that will cover apartments, gated communities, residential houses, modern commercial spaces, leisure property and lead to the development of smart cities. We expect the long-term impact of the Megapolis to be extremely positive on the real estate market. However, how much it will resemble the original plans remains to be seen.

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How did it all start?

RAJESH GROVER, Regional CEO of Lamudi & RANJIT FERNANDO, Chairman of UDA

THE FIRST REAL ESTATE EXPO IN SRI LANKA ENDS

UP IN SUCCESS We are pleased to announce that Sri Lanka’s first Real Estate Expo, which took place on the 7th and 8th of May, was a roaring success. The convention, which was organised by Lamudi with AVIC Astoria as the title partner, drew a significant number of property buyers, renters and investors. The two-day event brought together a wide range of people with a vested interest in real estate in Sri Lanka, encouraging an open dialogue and inspiring new ideas.

Real estate is booming in Sri Lanka, with many high-end developments under construction. This trend steered Lamudi to launch Sri Lanka’s first Real Estate Expo, an exciting opportunity for more developers and house-hunters than ever before to discover the wide variety of projects and properties on the island, to conduct key business, and make future plans. The aim of the expo was to deliver the entire real estate package in one. For those at the beginning of their journey, Nations Trust Bank, the platinum sponsor of the event, provided advice about mortgages as they launched their housing loan scheme at the event.

Lamudi has seen the ups and downs of the real estate market in Sri Lanka, and so the expo was born, in order to make the process of building and buying property in Sri Lanka more convenient, enabling visitors to access everything they might need in one place over the course of a weekend.

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What has this two-day convention offered?

The expo was a hub for those who were seeking property, both for sale and for rent. Unlike looking online and flipping through classified advertisements, property seekers were given the opportunity to meet real estate developers at the convention and discuss their tailored requirements, picking out what suits them best. Many developers displayed their finest projects and apartments in the form of 3D models. Property developer AVIC’s latest project named “Astoria” stole the show with its astonishing features and facilities, gaining the attention of expats and high-end occupants looking for the finest luxury apartments on the island. Astoria is under construction and will be located in Colombo 03.

Those who made it happen The event was sponsored by developers AVIC, who have generously contributed to the growth of Real Estate in Sri Lanka and are also close partners with Lamudi. The success of the day and the contribution made by the expo’s sponsors were remarkable.

Nations Trust Bank, the official banking partners went the extra mile by launching their home loan facility to the public at the Lamudi-AVIC Real Estate Expo. LB Finance also attended and answered questions about its home loans. According to many attendees, the process of purchasing property is a lot easier with a lender on board, helping them to overcome financial challenges. Joining the sponsors mentioned above were a number of other partners who came together to give

JAFAR JAFAROV, MD of Lamudi Sri Lanka

the expo that extra boost, ensuring the smooth execution of the event. These attendees and partners included Melwire (Official Building Material Partner), Capital Trust Holdings, GVR Lanka, RTI Residencies, Idieal Engineering, Span Engineering, Lotus Garden, Ekroma Real Estate, Nippon Paints, Idama.lk, PayArc, ZenRooms and UBER. What’s next?

The response, attendance and feedback that were received was beyond expectations. Not only did this expo demonstrate that the future of real estate in Sri Lanka looks positive, but it also contributed to the growth in the sector by promoting current and future projects in the region. After the success of this expo, Lamudi is excited to host similar events in the near future.

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NINE TIPS

FOR BUYING FORECLOSED PROPERTIES Founder and CEO of MSGRDC, Philippines

Here are nine tips on how to successfully navigate the foreclosures market. Foreclosed properties are considered nonperforming assets; hence, banks and lending institutions who own these properties are very actively marketing them the best way they can. One of the ways they do so is through discounted sales to potential homebuyers and investors, which is the reason foreclosed properties are sold below their actual market value. But foreclosed properties may not be on most Filipino homebuyers’ purchase plan. Perhaps it is because of pity or they feel they are taking advantage of others’ misfortune (foreclosed assets, after all, were owned previously by people who for some reasons were unable to pay off their mortgage),many Filipinos hesitate to buy foreclosed houses. But according to Ramil Alquileta,

founder and CEO of My Saving Grace Realty & Development Corporation (MSGRDC), more Filipino homebuyers are now seeing foreclosed properties in a different light. Not only are there people seeing foreclosures as an affordable means to become a homeowner, many investors are making money out of buying foreclosed properties by turning them into leasable units or saleable homes. Opting for foreclosed properties has its good sides. Although their low price tags are certainly attractive, not all foreclosures make excellent deals. To help you spot and score a diamond among an ocean of foreclosed homes, remember these nine guidelines.

1 | Know Where to Look To find foreclosed properties, go to banks, Lending Institutions, SPAV companies (companies formed under the Special Purpose Vehicle Act of 2002 to help banks shed their nonperforming assets), and government financial institutions like the Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG Fund), and National Housing Authority (NHA).

In addition, banks and financial institutions also have a roster of accredited brokers and brokerages that help them market and sell their foreclosed assets. Checking out their websites will help you find the best property deals.

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2 | Get Your Financing Ready

7 | Carefully Consider Your Location

As with any competition, having an edge over other buyers will give you more chances of getting the foreclosed property you want. When you have already been prequalified for a housing loan by a bank or financial institution, you will attract more attention from sellers. They will know you are a credit-worthy and serious buyer who has a housing loan approved that you can use anytime. Because of this, you will have more negotiating leverage compared to other buyers.

In addition, getting pre-approved helps you stick to a budget.

Location largely affects the profitability of any property. If the property is in a high-growth area or an area developing into one, chances are good that its value will appreciate. The same goes for foreclosures close to transport infrastructure, such as expressways, MRT and LRT lines, airports, and even new townships. A data analysis conducted by Lamudi shows that the cities in the periphery of Metro Manila offer the most number of foreclosed properties, including those in Cavite, Bulacan, and Rizal. Within Metro Manila itself, Quezon City offers the most foreclosed options for real estate buyers.

3 | Work with a Bank or Accredited Broker Foreclosed properties are sold on an “as-is, where-is” basis, so as a buyer due diligence is of utmost importance. But this is easier said than done, especially if you have several properties lined up for inspection, not to mention documents and titles that must be verified. However, working with a bank or its accredited broker/brokerage greatly reduces the risk of ending up with problematic property.

4 | Attend Property Auctions Property auctions, usually organized by banks or real estate brokerages, are a great way to discover foreclosed properties not normally listed on property websites. Attending auctions also allows you to talk to an agent face-to-face to thoroughly discuss your purchase, seek their advice, and practically walk you through the buying process.

5 | Have Some Cash to Spare The best foreclosures ignite bidding wars, especially during auctions. And to have a good chance at acquiring the property you have set your eyes on, you must be ready to make an attractive offer and deal with the payment terms. Those buyers with down-payment money ready on spot normally win these bidding wars, and may even be offered hefty discount by the seller.

6 | Inspect the Property Foreclosures are almost always sold “as is, where is” so do not hesitate to schedule an inspection. Remember, these properties have been previously owned so expect that not all would be on tip-top shape, though most on offer during auctions may require only minor repairs. Seasoned real estate investors or flippers would recommend investing on a foreclosed property that can be fixed within 30 days or less. This way, they can sell, lease, or move into the property in a short time and avoid incurring additional holding costs.

8 | Deliberate on Your Offer To ensure that you will not be paying more than you should, find out the market value of similar properties in the vicinity of the house you are bidding for. If you are planning to sell or lease the property as soon as you have purchased it, do more due diligence and check how quickly comparable homes are selling. You would do well with a fast seller as it will let you avoid expenses from its maintenance, security, and tax.

9 | Know Your Fees and Taxes Other than the down-payment and the property’s selling price, there are also fees and taxes charged to the buyer. For example, buyers must take care of notarial fee, registration fee, transfer tax, and documentary stamps tax, and if you’re buying a condo or townhouse units, the buyer will also be required to pay monthly association dues. Buying foreclosed properties entails a good deal of effort, patience, and lots of due diligence. But then again, so do the purchase of any type of real estate—foreclosed or not. However, acquiring an excellent property for a bargain price should be more than enough motivation—and reward—for your hard work.

This article was sponsored by My Saving Grace Realty & Development Corporation.

Founded by a once homeless man, My Saving Grace Realty & Development Corporation (MSGRDC) came into being after Ramil Alquileta realized how it was to be homeless when he got tied up with debts and then eventually had to give up his own house and almost all their properties to cover the yearlong debt he had.

Because of this, he founded the MSGRDC in order to help most especially the hardworking Filipino compatriot throughout the world in acquiring the best value for money property available in the market.

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8 SURPRISING

REAL-ESTATE TIPS Struggling to sell your home? There might be a few things you haven’t thought about.

Everybody knows about fresh paint, a freshly mowed lawn and baked bread, but what else should we know? We have scoured the internet to track down data that you need to know if you are in the real estate game.

1 | The Starbucks effect It turns out being beside the global coffee chain has a positive effect on your property value. Besides being close enough to walk to get a good brew, you are also more likely to be able to sell your house for a higher price. In the United States, a house sold in 1998 would have sold for an average of $102,000, while a home close to a Starbucks would cost on average of $137,000. That is no small amount, in fact, it is 35 percent.

That is incredible: And if the house was sold in 2012 that house would sell for $270,000 beside a Starbucks or just $169,000 without one in the neighbourhood. That gap jumps to 60 percent. So, it might as well be worth getting out google maps and locating your nearest Starbucks before purchasing your next property.

2 | Not all renovations are equal It has been proven that the greatest investment in your house is buying a mid-range bathroom remodel.

For every Rupee spent it will return 1.71 Rupees.

Renovations can be extremely expensive; in some cases, people have to remortgage their house to fund the expenditure, so making sure you choose the right option is an important consideration. The worst value for money is the kitchen remodel while basement enhancements also offer very little in return on your investment. 3.2 million Rupees is the cost of a

top-of-the-line kitchen renovation and this will only return you around 0.51 cents for every Rupee you spend.

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3 | Seven swans a-swimming

7 | Get your listing right

While having a lake full of swans at your house would

Crafting a nice description for your listing can add or

probably add value, that’s not what we mean here, but using the number seven could have a negative effect on the asking price. Homes with 777 as their address fetch on average 2.1 percent less than their estimated value.

Even house numbers that include 777 for instance 12777, sell for 1.9 percent less. Nevertheless, houses with just 7 on their own can expect 1.8 percent more than the estimated selling price.

4 | Timing is important According to statistics in New York, the worst time to

sell is the second week of December and the best time is March; when homes were sold faster and for 2 percent more. People have enough on their plate in December with the festive season in full swing and the last thing on their mind is buying a house. March, is in between seasons, enough time after Christmas for people to feel flush again, and yet far enough from Summer holiday time.

5 | Psychological pricing In residential real estate, the asking price is more about psychology than reality. Most home buyers don’t realise that setting an asking price is fundamentally a negotiating tactic. You set a price and you send a signal to the market. It really is a delicate balance.

One of the biggest difficulties agents have is agreeing on a realistic opening price with their clients. There are many theories about how to set prices for example Rs. 12, 795,475, indicates that the price is less negotiable than a round number like Rs.12,800,000. Precise figures exude an air of confidence. In addition, a price such as Rs. 19,999,999 rather than 20,000,000 works at a subconscious level.

The home may appear cheaper. The goal is really to make it stick in the buyer’s head that they are getting a bargain, when a buyer has to pay above asking price, the initial lower amount can offset some of the anxiety they feel about paying more in the end.

6 | Female agents sell faster This is one of the oldest assumptions in the world of sales. There is a reason that most croupiers in casinos are female, ladies are more adept at selling; and in real estate, they can sell homes faster and for higher prices. This is mostly because women are more willing to negotiate and get the deal closed quicker.

deduct huge value from the final sale price. Avoid using clichéd words such as ‘unique’, ‘TLC’ or ‘investment’.

‘Potential’ is a major no-no. Using these words that have major connotations could lower your sales price by up to seven percent.

WANT TO KNOW MORE: The word ‘luxurious’ is a golden gem. This word along with ‘captivating’ could add as much as 8.2 percent to the final selling price. Be a wordsmith and choose your adjectives wisely. Words equal cash.

8 | Listing photos This may seem like an obvious one, but homes with high-quality photos get a significantly higher amount of money. It is estimated that listings with professional photos receive up to 47 percent higher asking prices per square foot. First impressions definitely count. According to an article ‘20 Seconds for Love at First Site’ in the Wall Street Journal, researchers tracked the eye movement of house-hunters and a total of 20 seconds is spent on photo number one, the exterior shot. After that point, the eye flits across with no extended focus.

WHAT DO WE LEARN: If you don’t get the first photo right, the battle is lost, and the viewer will move on to the next listing. Hire a professional real estate photographer to take snaps of your property, they will choose the perfect time of day, with the most optimal lighting, to ensure your listing is eye catching.

So, to summarise we recommend your ideal house should be the number 7, next door to Starbucks, with a newly renovated bathroom. A Japanese bathing tub might just be enough...

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3 BEST AREAS TO LIVE IN COLOMBO

Colombo, Sri Lanka’s commercial capital city, has a lot to offer, but which area in the city is the best one to live in? Colombo is a great choice for your new home.

Sri Lanka is becoming more and more popular with both Sri Lankans who have been living as expats returning to their home country (now that it is more prosperous), and with international expats.

We’re here to help you find out which area would be best for your new adventure in Sri Lanka’s commercial capital.

and the Galle Face Hotel. You’ll also find some great bars, clubs, and food outlets in this district. There are three shopping malls including the Liberty Plaza and the adjoining Liberty Arcade, as well as the Crescat Boulevard. Our listings contain a number of delightful properties in Kollupitiya. There are a number of 3-bedroom rental apartments listed on Lamudi ranging from Rs. 125,000 to Rs. 175, 000 per month, but more luxurious rental properties can go up to around Rs. 350, 000 or more per month, depending on the size and the location. Apartments for sale range from Rs. 16 million to Rs. 40 million. Take a look at our listings, and we’re sure there will be something that will suit you.

Colombo 3 - Kollupitiya With its diverse population and its many restaurants and entertainment options, there is always something fun to do in Kollupitiya. It’s an excellent choice if it’s within budget. As one of Colombo’s most popular areas, it is sought-after both for commercial property and residential property. Many financial and government institutions are based here, so if you’re living and working in Colombo, there’s a good chance you’d be close to the office, which is great if you want to avoid a commute. There are many lovely hotels in the area, including the Cinnamon Grand, Hotel Renuka

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Colombo 4, Bambalapitiya This town is vibrant, bustling, and a popular location for visitors to the city. Again, prices are quite high, but the area is safe and close to all amenities. The area’s main shopping mall, Majestic City, is a great pull for tourists and locals alike. Within this shopping mall, there are a number of diverse retail outlets, and several cinemas. There are lots of eateries in this district, as well as casinos and other entertainment venues catering for every taste. The western side of the town is right next to the Indian Ocean. The area is famous for its private sector educational institutions, including some establishments which specialise in Information Technology training, the Holy Family Convent girls school and the highly reputable Colombo Hindu College. Thanks to the district’s close proximity to these institutions, it is very suitable for families. Apartments are much more common in our listings, however, and prices range from Rs. 20 to Rs. 40 million. A large family home in Bambalapitiya near the main shopping mall is on the market for Rs. 175 million.

Colombo 7, Cinnamon Gardens Cinnamon Gardens is a high class neighbourhood and it is located about 3km from the city centre. Property in Cinnamon Gardens tends to be more luxurious, and therefore prices tend to be higher on average than in Colombo 3 and 4. Apartments for sale range from Rs. 140 million for a luxury home, to Rs. 20 million for a more modest flat. To purchase a large house in this area, you would generally need to have a considerable amount of finance. The area also highlights luxurious homes, for example, a mansion listed on Lamudi is currently available for Rs. 335 million which will simply take your breath away. Many government buildings, including the Town Hall are located in this area, and the district is also the location of Sri Lanka’s National Museum, the largest in the country. There are many mansions in the neighbourhood, and the streets are beautiful and tree-lined. Centuries ago, cinnamon was grown in this part of Sri Lanka. These days, it is home to the beautiful University of Colombo and many high net worth individuals. Colombo doesn’t have to be expensive, with areas such as Wattala and Battaramulla being more affordable. You’ll love living in the commercial capital of this spectacular country, and even if you’re just purchasing a holiday home in this city, you’ll make so many memories that will last forever.

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BUILD YOUR DREAM HOME WITH SEYLAN ‘SIRINIVASA”

Seylan Bank, as one of the most customer oriented banks in Sri Lanka provides Seylan ‘Sirinivasa', a dedicated loan scheme that offers customers an opportunity to make their housing, land or condominium dreams a reality. The scheme offers greater convenience, better customer support, attractive fixed interests and flexibility. The Sirinivasa Housing Loan Scheme offers a plethora of benefits to the loan recepient. Using the Sirinivasa Scheme, you can obtain funds for construction or renovation of your house or for an extension of an existing house.

"Although housing is a basic requirement, many find it difficult to make this dream a reality, while some are reluctant to obtain loans due to the lengthy process and documentation, with Sirinivasa we want to provide as many options and support to make it convenient and easier for the customer," said Tilan Wijeyesekera, DGM Marketing & Personal Banking, Seylan Bank. Sirinivasa loans are available from Rs. 100,000 to Rs. 50 million, as an individual or joint loan with up to 25 years to repay. Sirinivasa also offers a dream opportunity to the urban and comfort conscious citizens who are interested in having condominiums in Colombo.

"We have extended the loans for anyone purchasing an apartment as well. Further, we are not restricting this Sirinvasa loan scheme to Sri Lankans living here, this same facility is extended to any Sri Lankan living and working overseas who is interested in building a house, purchasing a built house or in investing in a condominium in Sri Lanka.

Not just stopping at providing loans to build or reconstruct a house, the Sirinivasa loan scheme can also be used to purchase a land, purchase condominiums, for house improvements such as landscaping, pantry cupboards, and bathroom fittings etc. and even to settle an existing loan from another bank.

Seylan Bank also provides documentation advice and guidance to customers. The experienced officers at our branches will also help customise the loan installments in order to make it easier for the wallet of the customer.

"Salaried employment is not a must to qualify for a Sirinivasa loan. We encourage businessmen, those in farming and agriculture and self-employed individuals to obtain this facility so that the loan installments can be customised according to their affordability. Non account holders of Seylan Bank are also encouraged to apply for this loan as well" he said.

Sirinivasa loan recipients will also receive construction material and electric items at a discounted rate. A Sirinivasa loan can receive these and a host of other benefits through Savipiyasa, which was introduced by Lafarge/Holcim who tied up with Seylan Bank. Through Savipiyasa, Sirinivasa loan recepients can get model house designs, receive consultations by a chartered architect, BOQ based on the plan, field visits during construction and enjoy the workmanship of a team of masons especially trained and certified by ICTAD when buying cement products.

With 166 bank branches island wide, Sirinivasa is geared to making sure that as many housing dreams as possible are realised.

SPAN TOWER BRAND SPREADS ITS WINGS. Mr.S.Kuhavarathan Director

As one of the most popular sectors of the real estate industries, apartments are constantly in growing demand, either as a primary residence, a second home or as an investment option. Vertical living has provided an apt solution to the dwindling land area suitable for construction purposes around urbanized areas. Those familiar with the landmarks of Colombo may be already familiar with a brand name proudly displayed in a number of apartment complexes in highly convenient locations. The Span Tower brand has successfully carved a niche for itself since its inception in 2003.

When two enterprising young men, S Sanjeevan and S Kuhavarathan established Span Engineering (Pvt) Ltd in December 2003, vertical living was for the most part an exclusive lifestyle. However, through the years, such a lifestyle has attracted the interest of customers from every walk of life and is an ideal first home for hound executives who are building their own homes.

With the determination, dedication and the contribution of its founders and loyal employee staff, Span Engineering has been successful in bringing its brand name Span Tower into the attention of both the local and international arena. The company has been able to create a brand name that their clients can take pride in and homes that generation upon generation can comfortably live in. The flagship brand of Span Engineering, Span Tower, offers comfortable and spacious homes that combine elegance, luxury and style with all the elements that make a house a home.

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Located within the Colombo city limits, Span Tower apartments provide easy access to the city, leading schools, religious places of worship, supermarkets, hospitals, entertainment venues, restaurants and a plethora of other conveniences.

The company seeks to exceed every expectation that their clients have, going above and beyond by offering a trustworthy and reliable service. The company has a proud track record of punctuality and has completed 12 projects on time.

What is more, the company owns the lands upon which they build Span Tower apartments and hence is able to transfer the deeds to the apartment units to their respective owners. Of the 12 completed projects, Span Engineering has already transferred the deeds to 10 projects to their clients. The company expects to transfer the deeds for Span Tower 12 and Span Tower 14, located at No 48, Haig Road, Colombo 4 and No 6, Arethusa Lane, Colombo 6 respectively, before the end of December 2016.

Span Engineering is blessed with a team that combines functional and technical expertise with hands-on experience, and it is with their support that the company has 6 further projects under construction. Span Tower 15, 16, 18, 19 and 21 are slated to be completed in due time, offering a number of facilities and services to create a perfect homestead to their customers.

Span Tower has now expanded its horizons further, moving beyond the boundaries of the Western Province to cater to a different customer base. Their expansion into other areas of the country began with their 20th project, which is currently under construction at No 5, Misty Hill, Badulla Road, Katumana, Nuwara Eliya, less than 4 km away from the famous Haggala Gardens, 1.9 km from the Seetha Eliya Temple and 4.7 km away from the Nuwara Eliya junction, as well as a number of other locations In addition, Span Engineering has also ventured into the hospitality sector with the introduction of Span Grand Holiday Homes, located in Katumana, Nuwara Eliya. With a number of modern facilities and services that customers can enjoy in addition to the surrounding beauty of its environment, the Span Grand Holiday Homes is within easy access to a number of famous landmarks in Nuwara Eliya.

The careful consideration towards both their clients and other buyers, in particular first time buyers, as well as their outstanding commitment to quality

and excellence in the categories of customer satisfaction, leadership, innovation and technology as established in the QC 100 TQM model has led Span Engineering to receive the prestigious International Gold Star Award for quality at the World Quality Commitment, 2015 held on the 25th of October, 2015 in Paris. The company has been bestowed with several other accolades over the years, as recognition of their consistent practices and maintenance of high quality. The company went on to receive the BID Quality Management award on May 30, 2016 in New York.

At present, the company is maintaining 8 Span Tower apartments. In addition, the company has recently introduced a number of value-added services in order to better serve their clients. These services include the sale or rent of the existing apartments, purchasing the land owned by their customers. Furthermore, customers are offered the option of selling their land to the company in favour of an apartment, while under a joint venture, Span Tower will also develop the land owned by the customers.

Furthermore, as the concept of living in an apartment is rapidly gaining popularity, many of the customers of Span Engineering are expatriates. For their peace of mind, Span Tower will also offer property management facilities, so that their apartments will remain in pristine condition upon their return.

These facilities are offered as value added services and customers can now sell their existing property and purchase a brand new apartment without any delay, and are guaranteed to get a high return on investment.

Span Tower is determined to be synonymous with quality, reliability, excellence, comfort and approachability. The company prides itself on its journey so far in such a short time and expects to further develop and improve their services so that the customers can get the maximum benefit and take pride in owning a Span Tower unit.

With their dedication and determination, the company plans to go beyond borders and cement their presence within the hearts and minds of Sri Lankans.

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Giacomo Melandri, ONLINE MARKETING MANAGER LAMUDI

WHAT IS ONLINE MARKETING?

Online marketing - or digital marketing refers to tools and methodologies used for promoting products and services or to increase sales through the Internet.

Digital marketing campaigns are becoming more prevalent due to the incredible rise of the Internet, social networks, and mobile phones through the 1990’s and 2000s. This has changed the way businesses utilise technology for branding and has driven big changes in their marketing strategies and plans.

How can developers reach foreign investors?

There are a seemingly inďŹ nite number of brands that are vying for customer attention. We are targeted by hundreds of commercials on a daily basis. A brand's competitive advantage nowadays is in its ability to stand out from the crowd, reaching the right people, at the right moment.

Unlike traditional marketing, online marketing allows you to reach users in easier and more cost eective ways. With online marketing you are able to show your products and services to your potential clients at any given time; while they interact with their friends, on their way to work, or even when they are relaxing at home through social media networks such as Facebook, Instagram, and Twitter. With online marketing, we are able to promote our product exactly when potential clients are searching for it via

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Search Engine Marketing (SEM). Through online marketing you can reach the people that have visited your website by suggesting similar products, encouraging them to come back for more information or to buy. In addition, unlike traditional marketing, online advertising allows you to choose the type of people you want to reach and to deliver ads specifically to them. People can be targeted based on country, region or area. You will be able to reach users based on where they live or where they do business. It does not limit you to location; ads can be delivered based on age, gender, interests and even languages. Thanks to the amount of data available online, users can be reached based on the music they listen to, their favorite tv shows and on their other interests.

Online marketing has many benefits when compared to traditional marketing. The costs, for example, are much lower when compared to the latter. It is simple to measure the number of visitors, subscribers, conversion rates and much more where the results can be tracked in real time.

Targeting through online marketing can be precise enough to reach people based on their behaviours, for example, being a frequent flyer or an expat etc.

Being able to reach specific users and obtaining quality details, makes advertisements more relevant for the people who see them and brings in quality leads.

The most exciting part of running online marketing campaigns is to find the perfect mix of channels and tools to maximise the performance and to get the best results. Most of the time, traditional marketing reaches only a local audience even though it is not limited to one. With online marketing, the reach is potentially unlimited. With a reasonable budget, a global audience can be efficiently targeted.

For example, at Lamudi, we are able to reach the people that have been searching for a specific property in a specific area at any given time or we can show our clients properties on websites dedicated to real estate, finance or investment.

At Lamudi, we leverage on our expertise to manage tens of thousands of campaigns worldwide, on a regular basis. We also work in close contact with the major players in the market such as Facebook, Google, Trovit, Mitula, Twitter and many others. In addition, we have access to a wide range of data and features not always available to advertisers. For example, we were among the first to test the Facebook Carousel Ads or the Facebook Canvas. We also work with software that increases our performance such as advanced tools for campaigns, ad creation and management, automated systems to optimize ads based on time, performances and frequency. Moreover, Lamudi’s complex and structured tracking system allows us to dig into the data for increasing the campaigns’ performance.

What is the main difference between online and traditional marketing?

The world has transitioned into a highly digital environment. Nowadays, we perform many of our daily activities online such as reading, banking and booking our holidays. Investing in digital advertising has become important because of the rise of the digital age.

Furthermore, anything captured can help in shaping the campaign on the run, adapting it to increase the performance to get the best results. The amount of data available in the cloud enables online advertisers to be as granular or as broad as possible depending on the objective of each campaign. This enables different strategies and media that can be used in order to increase performances.

Last but not least, with digital marketing you can encourage your prospects and clients to take action by interacting with your brand. Engagement does not work well with traditional marketing.

Nevertheless, online marketing should not be considered in competition with traditional marketing.

People are accustomed to traditional marketing in Sri Lanka. Finding ads in magazines and newspapers or even reading billboards are familiar activities. Even though the digital industry has grown, a lot of people still watch television. A realistic balance between the two is probably the best option and you should also take the most effective mediums into consideration based on the type of business.

Investing in online targeted campaigns and, more widely, in online marketing activities is crucial for a business that needs to grow, within a country and especially abroad, in terms of reach, thus strengthening its position. Investing in online marketing means to follow innovation; an innovation that is already here which opens up infinite opportunities for local and foreign investments.

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IS REAL ESTATE DATA TRANSPARENCY THE NEXT BIG DISRUPTOR? Buying property is usually the single biggest purchase a person will make over the course of their life. The process of searching for a new home is arduous and any prospective buyer will consume vast quantities of information before tenuously making their final decision. The internet age has ushered a new epoch, where consumers have most of the power. When shopping for a house you can use Lamudi, the online portal that provides a prospector with numerous data points: recent sales in the area, price fluctuations in the past year, average prices per square foot and even mortgage prices. This puts the customer in the driving seat when it comes to negotiations.

Although information is now readily available online for private real estate, commercial real estate remains a different animal. It is still quite difficult to obtain information about lease and sales transactions and even in some cases the available space. Transparency of data has completely disrupted other major markets recently, Uber being the classic example. So is commercial real estate the next to change, change utterly?

BETTER DECISIONS In investment sales, access to data regarding potential opportunities has already created a more efficient market where previously a net-leased investor may have been constrained to a specific area for diversity in his portfolio, he can now search nationwide for comparable capitalisation rates (annual net operating income divided by the cost or value).

The capitalisation rate is a very common ratio in commercial real estate. It can help an investor evaluate a potential investment property. Cap rates can also be helpful when you look at trends, for instance if the rates are decreasing it could signal that the market is heating up. It would now be possible for instance for an investor in Sri Lanka to size up a property in Galle, the southernmost city while located in Colombo in the western province. Having this information available through open data sources is an invaluable string to a commercial real estate investor’s bow. Property investors have more data points at their disposal to make more informed decisions, and this is making the markets more efficient. Agents are now in a strong position also. The data transparency

that is available to them enables in-depth interpretation of information for clients; market growth analysis and forecasts are closer to reality, trends can be more easily understood.

VALUE ADDED

The value added is now in analysis and interpretation.

Data transparency creates the platform for agents and investors alike to become empowered but what they do with that data will also have a big impact. The experts in online tech will combine the democratised data with an ability to analyse and interpret.

EMERGING OPEN DATA ECONOMY According to a report by McKinsey & Company, open data can create multi-trillions of value in the global economy. The new economies are online and the new data is free, open and available to all. Information is power and with ease of access to data, consumers have much more power in the market. When data is easily accessible, it is not only good for real estate, but also for all industries. Any business model that relies on protected information is going to struggle in the future. At some point all information will be open to everybody.

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A BOUTIQUE HOTEL IN BALI Many people are turning their back on mainstream hotel chains, and this might be something to do with Donald Trump, or maybe it is because of the many benefits that boutique hotels bring to your vacation. You really get a local feel, more genuine than many of the international hotels, which give you the feeling that you could be anywhere in the world.

Upscale designs are also a feature you can expect in boutique hotels, whether they are newly constructed or historic, there is often a heightened sense of design and decor. This issue, we would like to take a look at an impressive example in Bali, Indonesia.

Bisma Eight

Built using organic materials and raw concrete, Bisma Eight in Bali, Indonesia, is an oasis of industrial style.

The organic garden is wonderful, not to mention the decadent restaurant, cheffed by the legendary Duncan McCance. Make sure you get a dip in the sultry swimming pool before eating though, or you may just sink to the bottom.

Japanese inspired architecture

The idea at Bisma Eight was to create a monolithic style, carved from pre-cast concrete designs; in homage to the famous Japanese architect Tadao Ando. Careful consideration was given to the choice of materials to maximise their effect in the long term.

The standard brick, plaster, and cladding were avoided to create something more intimate. Throughout the building, old Balinese and Javanese doors are used to embrace the principles of sustainable building and they really enhance the distinguished old character of the hotel.

Each suit is decorated with walnut flooring and copper sheet trimmings. The attention to detail is above-and-beyond. Solid sungkai wood is utilised along with jute to create charming partitions. One of the highlights of the hotel is the Japanese-inspired soaking tubs made from Canadian cedar wood which sits next to tegel kunci tiles and terrazzo sinks. The blend between the soft touch and the masculine create a warm harmonious feel to the suites.

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Facilities

Start the day in a healthy manner by working out in the onsite gym, or if that is a bit too eager for vacation time, perhaps take a stroll through the organic garden.

Rooms

All rooms are fitted with a Japanese soaking tubs, made with scented cedar wood and stocked with natural Balinese soaps. Take breakfast on the balcony in the morning with your private jungle view, available in the spacious Forest Suite. Let the glimmering sun gently coax you awake in the morning. Perhaps you might spot a joyful squirrel dashing through the garden, as you drink your morning green tea.

PoolSide

The outdoor infinity pool is one of the highlights of the hotel. The far corner presents you with fantastic jungle views. The wooden decking across the pool induces a natural feel, bringing the outside in. The furniture and cabanas were designed with help from the Brazilian designer Zapp Design. The architecture belongs to Arte Architects Bali and the interior design is the work of Jasper Chia of Fuur Design, Singapore.

Eco - Friendly

Bisma Eight prides itself on being eco-friendly. Everything is recycled, and all the ingredients used in the Copper Kitchen & Bar come directly from the organic garden.

Massage

When on holiday you need to completely relax, a massage may be, just what you need, and are available from the comfort of your own room.

Reflexology sessions and body scrubs can also be facilitated. Imagine getting a warm massage from your balcony, listening to the birds tweet outside.

Hotel restaurant and Bar

The design highlight of the Copper Kitchen is a skylight roof over the dining area with bullet-shaped conical copper chandeliers. The lighting creates a romantic starry night effect. The menu in the upmarket restaurant is a marriage of the traditional and the international, with locally-sourced ingredients, mostly directly from the organic garden. Beginning from miso calamari with a side of ubi to Gado-Gado, a Balinese salad, any of the unique-to-indonesia delicacies can be indulged. Same goes for the hotel bar where drinks from a hot cup of coffee to cocktails are available to quench your thirst.

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THE MELWIRE GROUP

– A story of innovation, quality and sustainability With an annual production capacity of 300,000 tonnes of steel, and more than 750 direct and indirect employees, the Melwire Group is Sri Lanka's leading steel manufacturing company.

Founded in 2002, within a decade, the Melwire Group would go on to redefine an industry once dominated by large-scale BOI projects from overseas. The Group's non-compromising attitude to quality, and relentless pursuit of world-class technologies and manufacturing capabilities resulted in the Sri Lankan steel industry being led by a local organisation for the first time. The Melwire Group's considerable production capacity, research and development, continuous investment in technology and outstanding distribution network have set the stage for a strong industrial presence. Over the past fourteen years, the company has cemented its place in large-scale construction endeavours across the country, including iconic projects such as Shangri-La Hotels & Resorts, Altair Luxury apartments, AVIC Astoria, Colombo Katunayake Highway, Outer Circular Highway, Colombo City Centre by Abans and many more.

The MELWA brand has been a symbol of uncompromised quality and durability, stamped across the Group’s wide plethora of steel and rolled steel products.

For more than a decade, it has remained the sole identity of the Melwire Group’s proud heritage, and built a reputation as the trusted and most sought after name in the industry. The fully automated factory in Ekala, JaEla, spanning over 50 acres, is home to the Group’s first manufacturing plant. To cater to the country’s various expansion initiatives, the company set up a second, fully automated structural steel plant. The third plant was launched in 2012, a decade after Melwire’s inception. The plant is equipped to manufacture TMT bars, further engraving the company’s place in the Sri Lankan economy. This plant also features an avant-garde block mill to manufacture steel wire rods, which were being imported at the time. Thus, Melwire became the only organisation to produce wire rods within Sri Lanka.The company’s operational philosophy is founded upon five pillars – Diversity and Inclusion, Environmental Stewardship, Focus on Cost, Quality and Accountability. Through these core values, the Melwire Group operates in a socially responsible manner, whilst continuing to take a leading role in the industry with high quality steel products and world-class manufacturing practices. Continuous innovation permeates every aspect of Melwire's operations, from R&D and technology to human resources and sustainability, enabling it to stay atop the steel industry as the only 100% Sri Lankan owned company.

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“PODI WALAWWA” RE–DO Peshali Perera Director

I believe that architecture is the objectification of the values humans hold essential to living: these values are made concrete by building, using the structures that form our environment. Architecture shelters human life; it produces an efficient arrangement of spaces and utilities and expresses the best of human life.

It was my pleasure to respect and restore the glory that once prevailed at the premises of “Podi Walawwa” a few decades ago.

The original building dates back to the 1940’s and it sits majestically in the middle of 146 perches in the calm suburbs of Colombo; Obeysekera Crescent, Rajagiriya.

Through combining new and old, we were able to revive the traditional concepts of Sri Lankan architecture. In the tropical climate, certain features needed to be updated, and certain features needed to be retained. When designing for a reconstruction, it is important for the architect to understand the language of the architecture which is standing before him/her and decide the best possible way to respond to the exiting structure. The approach must be complementary as well as respectful to the existing structure. Additional alterations to the interior

requested by the owner were carried out with respect to the proportions of the existing structure to make the finish both cohesive and complementary. The lintel heights and the clean lines of the overall form were also respected throughout the renovation.

Letting plenty of light & air into the building while enhancing the concepts of shelter and water were the key ideas that were considered. The objective was to rejuvenate the building’s original beauty while adding a contemporary touch. Simple but elegant detailing was used to bring out the grandeur that once existed.

Additions to the building that were requested by the owner gave us the perfect opportunity to re-interpret a communal space. We created a communal space which encourages interaction and sociable activity.

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Architect: Peshali Perera.

Atelier Peet Architects PVT LTD 101/1B Galle Road Mount Lavinia Owner: Mr. & Mrs. Suresh Fernando Site Extent: 146 perces Address: “Podi Walawwa” , Obeysekera Crescent, Rajagiriya.

While solid timber doors separate the building’s private spaces from its public spaces, full height French windows with simple horizontal divisioning

celebrate the transition between spaces at each opening. These windows add lightness to the heavy structure.The central courtyard pond addition was a feature that enhanced the quality of the space. The reflections and ripples of water add volume and character, while the gazebo offers security. The gazebo is a lightweight structure made from glass and steel, which connects the whole house at the core, bringing in an abundance of light during the day, and a majestic reflection of the water on its surface at night. The pond cools the central part of the house greatly during the day, enhancing the spatial quality within.

All of the internal private and public spaces in the property are surrounded by grand veranda spaces, thus, making the transition from one space to another subtle. The spacious verandas were redesigned to add a lightness to the building’s overall

form, creating a gentle transition between the indoor and outdoor spaces. An extended garden veranda is created with a line of timber pergolas supported by slender steel columns. The sunlight filters through these pergolas during the day, creating lively shadows across the walls. The landscaping of the house was done strategically to hide the house from direct view of the road. As the house sits on the centre of the land it is built on, a wide spacious lawn separates the house from the boundary walls. The boundary wall is lined with an array of large canopied trees to buffer the view from the road. Araliya trees line the house, creating a natural canopy. From the main gateway to the main entrance of the house, a curving pathway is demarcated with paving stones lined with palm trees to create a ceremonial entranceway.

Through adding number of lights outside the property, it is now possible to subtly light up the house during the night. A series of external wall-hung light features create a glow on the external surfaces of the house, while floor lights demarcate the pathways.

The cut cement floors, white walls, and timber ceilings create a warm comfortable living environment.

Blending rustic and smooth materials, and using traditional and new aspects of design were among the techniques that were used to make a perfect fusion, enhancing the beauty of “Podi Walawwa”.

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TIPS ON CREATING AN

ECO FRIENDLY

HOME

W

henever we think about low cost, sustainable, safe and healthy homes, the first thing that pops into our minds would definitely be eco-friendly home projects. As much as it is important to focus on the interior design, beauty, and structure of the house, people are now more concerned about their health and safety than ever before. The concept of green living is being rapidly implemented in many developed nations and we can observe a growing demand for eco-friendly homes in emerging countries such as Pakistan, Bangladesh, Myanmar and Sri Lanka.

Some of the great eco-friendly concepts that are on trend right now include vertical farms and walls, eco-friendly skyscrapers and eco-friendly warehouses. Clearpoint Residencies, which is considered as the tallest

vertical garden, has plants growing in and out of the building. This building does not use any air conditioning as the plants are used to reduce the heat in the atmosphere automatically. As new technological innovations are being introduced, we are now able to get hold of plenty of resources that can be used to build sustainable homes for a comparatively lower price. Apart from the countless number of health and safety benefits that eco-friendly homes provide, homeowners are showing a keen interest in eco-friendly homes because in many ways, eco-friendly homes can be less expensive. From lower bills to the fact that they are often also easier to build, using materials such as earth, stone, wood and straw.

If you are trying to create an eco-friendly interior in your home, the following tips may be quite useful to you.

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3. Make maximum use of solar power and let sunlight in

1. Invest in houseplants

Incorporating houseplants into your home is an inexpensive and easy way to achieve an eco-friendly home. In addition to improving one’s health, plants are also a great way to enhance the beauty of your space by adding a fresh ambiance. Plants help provide quality breathable air through the process of photosynthesis. In order to improve the quality of the air that you breathe, place plants such as lilies and bamboo palm around your home.

Sunlight is a free source of light and energy and it also provides essential vitamins needed for human survival. One of the best ways to build an eco-friendly home is by making maximum use of solar power, helping you store your energy and reduce the amount of money that you spend on your electricity.

Letting in plenty of sunlight is another great way to bring light into your space and reduce the use of electricity during the daytime. An advantage of using sunlight in lieu of electricity is that sunlight destroys pollutants in the air indoors.

4. Eco friendly paint

Painting your walls with eco-friendly paint reduces the amount of harmful substances that is emitted from your walls. The difference between traditional paint and eco-friendly paint is that traditional paint emits volatile organic compounds (VOC) as it dries. These VOC substances are harmful to the environment as well as one’s health. But eco-friendly paints are manufactured in order to reduce the amount of VOC substances emitted from your walls. As technology improves every day, markets have introduced eco-friendly paint that has similar properties to conventional paint. These eco-friendly paints offer better coverage and are available in vibrant colours.

They are durable and they can be used on any surface that conventional paints are used on.

However, alternatives include wallpaper from sustainable sources, wood panels, or ceramic tiles which are also eco-friendly for your home.

5. Eco friendly flooring 2. Energy efficient lighting

Installing a proper lighting system does not only affect your home but it also affects the way you function in your home and your mood. Bad lighting can create detrimental effects on the environment by causing heat, air and energy pollution. However, using eco-friendly lighting will help you to save money. They are energy efficient and will last longer.

So moving into CFL and LED lights could be a better solution than using traditional bulbs. CFL bulbs can prevent pollution; using them is the equivalent of removing one million cars from the road. These CFL bulbs provide high-quality light without the heat of incandescent bulbs, and they use much less energy and last up to 10 times longer. On the other hand, the benefits of using LED lights instead of traditional lights will be Zero UV emissions, better lightdistribution, low voltage, instant lighting, and frequent switching.

Shifting from the traditional flooring towards eco-friendly flooring does not have to sound like a sacrifice anymore. People around the globe are now moving from traditional homes to eco-friendly homes and by understanding the market requirements, designers have introduced flooring solutions that are eco-friendly and stylish at the same time. Here are some of the options you could choose from when flooring your home: cork, bamboo, glass tiles and wood carpet.

We

hope you have found these tips useful and that you will give some of them a try!

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SMALL APARTMENT,

BIG DESIGN When it comes to interior design, working with a small space can be extremely tricky. The biggest challenge that designers face is trying to make a compact area functional as well as a pleasant living experience for their clients. So how do we amalgamate style with functionality in a smaller living space? During the designing process of a limited space such as a studio apartment, there are certain aspects that interior designers pay attention to: 1. Tall windows

Tall windows in a small space is the ideal way to make a space look bigger than it actually is. A major advantage of having tall windows is that they let in plenty of natural light to brighten up your space without any additional effort. If your space is built with short windows, try installing horizontal blinds that can be lifted up instead of heavy curtains in order to make the space look bigger and more spacious.

2. Light coloured walls

Using a light colour on the walls in a smaller space makes it look bigger, brighter and softer in an instant.

If you are an art lover, you’ll know that the best way to display your wall art is by hanging them up on a white background.

3. Storage and multifunctional units

Installing efficient and multi-purpose storage units is the key to making the most of a smaller living space.

The main focus of designing a limited area is to make sure that it’s functional and convenient while it’s aesthetically pleasing. In smaller homes, it’s not always possible to have a separate room for every activity.

Larger homes have separate living areas, bedrooms, and work spaces. For smaller homes, interior designers will advise you to adapt your units for multipurpose usage; for example, you could use your dining area as a work space.

4. Furniture

Furnishing small spaces can be challenging, since people tend to believe that small furniture works best in smaller spaces. However, that isn’t always true.

Having lots of small furniture can make your space look cluttered and crowded. The best way to overcome this issue is by limiting the amount of furniture you have, ensuring that each piece allows for storage. This will help you to avoid clutter.

5. Mirrors

Mirrors can help create the illusion of a more spacious room. Having one or more mirrors will trick your mind into thinking that the room is larger than it actually is.

Indeed, you can use mirrors to your advantage in almost any room. A large decorative mirror in your living room will be the perfect statement piece for your home.

6. Floating shelves

Regardless of the size of your space, you will want to display your personal and artistic belongings. Floating shelves can help you achieve this in a smaller living space. Floating shelves function as a decorative display, while also acting as a storage unit. The fact that they do not consume any space in your room is a great advantage when it comes to designing a smaller room.

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FIVE STYLES FOR YOUR LIVING ROOM Is your living space in great need of a complete makeover? Are you feeling lost while scrolling through billions of inspirations on Pinterest? Fear not! We’ve got you covered.

Our team at Lamudi has simplified the process by selecting five of the best interior design trends that will inspire you to design your perfect living space.

INDUSTRIAL - Combining steel and leather is the perfect way to achieve a warm and cozy industrial living room. A feature that is usually observed in an industrial style living room would definitely be an exposed brick wall that works well as an accent wall. If you are unable to afford a leather sofa, go for yellow or earthy tones. Finally, to finish off the look, decorate a vintage trunk to be used as a coffee table and one or more pendant lamps to create a focal point.

BOHEMIAN - Throw in some pillows, go crazy with

vibrant bedding, fill up your walls with paintings, and you’ll have yourself a bohemian inspired room. The Bohemian style is quite unique which focuses on thinking outside the box and not sticking into a certain set of rules. It’s a busy random style, yet earthy and artistic. This adventurous style features tribal patterns, bold colours, Indian rugs with red and purple tones. In addition, throw pillows to create an “intentionally messy” look. For a more peaceful and a fresh ambiance, hang tiny delicate plants on walls, or place them around the room.

MID-CENTURY MODERN - Inspired by the 90’s,

mid-century modern design revolves around shaped silhouettes, white walls, soft lines and wooden furniture, not forgetting a bar that displays all your most expensive wines and vintage glasses. The mid-century modern theme was brought to life by post-war home owners who wanted to create a modern and futuristic feel in their homes. These homes are constructed with soft sleek lines that speak future in every corner. Almost every mid-century themed house includes a sun design mirror which was a significant decorative piece during the 90s.

Shabby chic - Shabby chic is all about playing around with vintage antique pieces. Furniture is old school, stained, and distressed. Shabby chic can also have a fun feminine vibe, and the popular colours used are white, ecru and pastel colours. But do not hesitate to use vibrant colours.

URBAN MODERN - Urban modern design is a composition of minimalist, glam chic and edgy artistic looks. The key to rocking this style is to choose iconic statement pieces, including large contrasting sofas in bright colours, modern mirrors to light up the space, and glamorous chandeliers. It is where function meets modern day design, and this style is usually fairly easy to create.