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Housing for middle income families: Apartment complex to be launched in Malabe for middle-incomes families

12 Feb 2022

  • Home buyers to get BOC loan at 6.25% interest, payable in 25 years
  • Housing complex to have supermarket, gym, and fire dept. 
By Uwin Lugoda The Government initiative to provide housing for middle-income families continues, as work on a new 20-storey housing complex in Malabe has been expedited, The Sunday Morning learns.  According to the Ministry of Urban Development and Housing, the construction work on the 256-home apartment complex, Crescendo Apartments, has been expedited by Prime Minister Mahinda Rajapaksa, in his capacity as the Minister in charge of the subject.  According to the UDA, the project falls under the Government's mega-development project that aims to provide 5,000 housing units for the homeless and middle-income families from around the country.  “The 5,000 homes initiative is slowly being completed. A number of housing schemes are being implemented throughout the country by our ministry. The latest of which is the Malabe complex, which will stand near the Pubudu Stadium,” Ministry of Urban Development and Housing Spokesperson Prasad Manju said.  Manju stated that the construction of these 5,000 homes was being implemented under the ‘Visions of Prosperity and Splendour’ policy statement of President Gotabhaya Rajapaksa.  Accordingly, the construction work of this 20+-storey apartment complex commenced on 7 January and is expected to reach completion soon. Manju stated that Crescendo Apartments was a housing project for professionals and those in the middle-income currently without homes.  “The uniqueness of this apartment complex is that it is being constructed in such a way as to create a conducive environment for the homeowners to live comfortably while protecting personal freedom and developing public friendliness with all the amenities in the vicinity of a more densely populated area.” These 256 houses consist of two sets of homes, each numbering 128 houses. The two units are classified as ‘A’ type houses and ‘B’ type houses, with the A-type being 700 sqft and the B-type being 900 sqft.  The 700 sq ft ‘A’ house has two bedrooms, a living room, two bathrooms (public and private), a dining room, a kitchen with pantry cupboards, and a separate storage area. The 900 sq ft ‘B’ house has three bedrooms, one living room, three bathrooms (main, common, and staff), dining room, kitchen with pantry cupboards, and separate storage space.  Manju stated that in order to aid these middle-income families to buy homes, the Government had paved the way for credit facilities to be provided by People’s Bank, Bank of Ceylon, and National Savings Bank. These loans are subject to a minimum interest rate of 6.25% per month, with a repayment period of 25 years. “State banks are implementing this housing loan program in line with Government guidelines to provide greater relief to homebuyers,” said Manju.  According to Ministry data, the total land area allocated for this new complex is  8,293.9 square metres, with the building taking up 2,812.5 square metres. The ground floor, first floor, second floor, and third floor of the apartment complex are reserved for parking.  Moreover, Manju highlighted that the affordable housing complex had a number of common amenities that include a public car park, an exercise centre, a small supermarket, a fire department, separate water and electricity metres for homes, public water supply for all homes, main gas supply system, waste disposal facilities, generators and solar lights in case of emergency power outages, electric vehicle charging facilities, 24-hour internal security service, rainwater drainage facility, high-speed elevators, public drainage systems, and drain cleaning facilities.     


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