Are you an Expat in Colombo? Not sure whether to rent a house or apartment?

One of the most common dilemmas among the Colombo expat community is whether to rent out an apartment or a house? Even Sri Lankans who have lived abroad have this question on what's safer.

However, the fact of the matter is that Colombo has changed. It has changed so much that a Sri Lankan who left this country 10 years back would be awe-struck to come back and notice the massive change in terms of development. 

I will give my two cents on renting an apartment and/or house. I am sure you would be in a much better position to figure what works for you.

Renting out an apartment

This is considered to be the safer option for many reasons but then again it will depend on your taste. There are plenty of apartments in town and depending on which location you prefer and what luxury type, there is a good chance of finding some options. With apartments, the following factors kick in:

* Super Tight Security
* Additional facilities such as pool, gym, club house etc
* Convenience and easy maintenance

I would propose that if you are a small family or a single person or even a couple for that matter, renting out an apartment is wiser as opposed to a house. You can also consider a house if it's within a gated community but you may not find them to be that luxurious. 

The following could be considered to be some of the negatives if you are an apartment-person:

*Space - There are very few apartment complexes here that give you a good sizes apartment
* Garden - This is something you will miss
* Pets - If you have a pet, you will have to drop the idea of living in an apartment unless it's a quite and tamed cat.

I think the two most important factors would be convenience and safety and renting an apartment in Colombo 2, 3, 4, 5 and 7 is advisable.


Renting out a house

Now we come to tricky part of living in a house. This could be divided into two types, namely, gated communities and stand alone houses.

Renting out a house in a gated community

This is as good as renting out an apartment but the facilities would vary. The key here is that you don't have to worry about security and it's safe. There cannot be any burglaries or anything unless the neighbourhood is not so great. I am afraid to say that this kind of property could be found mainly outside the city of Colombo. In addition to the above, you have to share the pool too unlike stand alone houses which at times come with a pool entirely for you. 

Renting out a stand alone house

There is no problem in renting out a house in Colombo. It's safe and secure (of course with the common sense you have, you would know if it isn't when you view the property). There are few things to ask the landlord when it comes to renting out a stand alone house:

* Age of the structure - very important.
* Age of the furniture and whether the house was renovated unless it's a brand new baby
* Whether there is any flooding anywhere near the house
* Who lives behind, in front and on either sides
* Whether it is safe, I have mentioned that it's not a problem renting out a stand alone in Colombo but always take the assurance of the landlord because let me tell you this, where there are humans, there is always this risk of something waiting to happen.

A good way to feel assured is to call up a reputed agency and seek their advice on the stand alone house. Trust me, if you treat the agents with a great deal of respect and ask for their honest opinion, they will tell you things. Agents who have been in the trade for a long time know much more than a landlord who has been renting for ages. 

I have personally come across a large number of expats that have been living in houses and so far, I have not heard of any catastrophes of any kind. We have a fairly large expat community in the Nawala, Rajagiriya, Battaramulla areas mainly because of some schools that are easily accessible from there and those areas just on the outskirts of the city and are seriously growing not only with expats but even locals, in fact, Rajagiriya is an area where some of the richest people of this country reside. There are many foreigners living inside the city too but it's always good to be with herd. 

In conclusion, like I emphasized from the beginning - it's to do with taste and lifestyle. I have come across expats who have asked for apartments but eventually ended up in a house and vice versa. Please feel warmly welcome to read some of the other posts on this blog which I am sure would help in gaining the much needed information you need to decide on the most important aspect of life, wherever you are which is a good, solid roof on top of your head. 

Good luck in finding a heavenly home! 

If you have any questions or need to know more about living in Colombo, kindly drop an email to info.mistert@gmail.com.

FAREWELL TO THE LEGEND! TRIBUTE TO KUMAR SANGAKKARA

Written on 12th March 2015 at 4:00 am

You came, you saw; you won 20 million hearts,
A contribution so great and immense,
And you made it to the top on your smarts,
While the world watched in utmost suspense.


Your presence behind the stumps,
Your elegance in the shots in front of the stumps,
Your eloquence when you’re away from the stumps,
Defined your class, be it in life away or near the stumps.


The passion you emanate in your game,
The determination in your eyes,
However much the same,
Has day in, day out made you but wise.


Your name will always be etched on the cricketing field,
You’ll always be remembered on the field,
You’ll always be loved on and off the field,
For, you’re such a humble human being on and off the field.


A golden star shining so bright,
You’ve always brought pleasance to our sight,
Sharp as a knife; straight as a bullet, be it day or night,
Oh! Watching you play has been such a delight!


Thank you, thank you; thank you!
For bringing glory to this country! Thank you,
For making and doing all of us proud! Thank you,
For being you and just you! Thank you!


Come what may, today, tomorrow or any day,
Kumar Sangakkara is a name that’ll stay,
It will echo into the world in every way,
This; your beloved family and fans will hope and pray!


As you step into a beginning,
With courage, confidence and pride,
We wish you a future so winning,
That success greets you on every stride!


Forget not that you’re an absolute gem,
Sometimes a walking nightmare to some of them,
Cutting and slicing every ball into its hem,
But most certainly loved and admired by all of them.


A career so illustrious we couldn’t have asked in ODI & Test,
With the future so brilliant, with new dreams; hopes and goals,
We wish you simply nothing but the best of the very best,

 For we’re Tamil, Sinhalese, Muslim, Burger and above all proudly Sri Lankan souls!

Written by Adam Thaha
www.facebook.com/thaha.adam

Some Important Questions to ask when purchasing an apartment!!!

I have come across many clients who just don't know where to start. They have the money but they don't have the knowledge. Below is a list of questions that I have prepared for anyone who plans to purchase an apartment. 

So let's imagine that you have seen the advert somewhere or someone has just passed the number to you and you have no idea about the apartment. 

1. What floor is the apartment on? 

This is very important question, the reasons are too many. If you are not a Sri Lankan, you cannot buy below the 4th floor. Even if you are a Sri Lankan, I would advise you to buy above the 4th floor because somewhere down the line, you too might want to sell what you have bought and could at that point sell it off to a foreigner too. 

Another important reason for not buying on the lower floors is the noise, dust and of course the mosquitoe-factor. You have to have a really open and sharp eye to notice these things. You also do not have a great view if you are on the lower floor and at night, you probably won't experience a great deal of breeze. Don't get me wrong, if you are in need of a lower floor and qualify to buy one, go ahead and take it!!! 

2. Do you have a sinking fund? 

If the answer is 'NO', then it can be a deal-breaker! I mean it! Don't even think about buying an apartment which does not have a sinking fund or provision fund. Imagine the structure after 10 years? Someone's got to have a reserve fund for emergency work or future maintenance right???

3. Are the Deeds clear?

This is a tricky question, in most cases, the owners do not get it right and agents have to go through a tiring experience unless the lawyers are really good. I would also like to advise you to not ask this question to Agents purely because most of them have no clue and some because they don't have a clue, simply lie to you saying all is well. The best way to get this sorted is to obtain the copies and hand them to your lawyer who would probably understand the intricacies. A note on the lawyers, some are good and some are lazy. 

4. How old is the apartment?

This is something you would obviously consider at the very beginning, when you have made up your mind to buy an apartment but at times you can get misguided due to budget limitations. Ask as many people as possible about the age of the building and how the apartment was used, who lived in and whether there were any replacements in the fittings etc. 

5. Why are you selling it?

This can be a very interesting question if the response is a foolish one. On certain occasions, the owners tell you the truth on why they are selling it and it is up to you to determine how much of it is bullshit and how much of it is really the truth. 

If you require any more information on apartments or have any doubts/questions, please send them to to info@mrtgiant.com 

KYNSEY PLACE RESIDENCIES - From the Eye of an Apartment Specialist

Kynsey Place Residencies is a small apartment complex located in Colombo 07 on Kynsey Place just near the Carey College. Kynsey place has access from Kynsey Road as well as Ward Place which makes it more interesting. 

Having visited many of the apartment at Kynsey Place Residencies, I felt it would only be fitting to furnish some information about the compound purely because of the feedback that was received by certain clients.

"This is way better than some of the super luxury apartments" - Client from England

"This is the best apartment I have seen so far" - Client from Germany 

None of the apartments is up for sale though, some are occupied and some are up for rent. Looking at the above feedback, the key aspect to consider is that prospective tenants/rental clients frankly are not too bothered about the size of the complex and what facilities it provides, it's all good if there is the pool, gym, rooftop etc. The apartment inside is what matters and if that's superbly done with proper finishing and great materials used, chances are that the much acclaimed super luxury apartments will lose some of its value. 

This is the best apartment in the building and is currently under offer. It's absolutely brand new and has approximately 3000qft with 4 rooms, 3 of them are en suite. Brilliant eh?

This is the best 3 bedroom apartment in the building and is currently available at USD 2000/month. Worth taking a look and you will realize there is hardly anything to complain about.

The other facilities

This apartment may not be in the limelight but it is a far better design than many of the super luxury apartments and gives you that homely feeling. A note on the lighting, this is one of the most fascinating things about this place, the entire lighting of the apartment on the 6th floor is computerized with remote control switches, in other words, you could control the lighting of your apartment from basically any part of the world if you have internet access. 

If you are looking for a decent place in town and are in need of a good advisor who would really put himself into your shoes and assist you in deciding what's good, please get in touch with our Real Estate Agency and we will provide you our best apartment specialist who will shed enough and more light on the subject of apartments in Colombo. Write to info.mistert@gmail.com 

3 BEDROOM HUGE APARTMENT FOR SALE AT EMPIRE RESIDENCIES

REF NO: AFS0067

Beautiful 3 Bedroom Huge Apartment for Sale at Empire Residencies 

Empire Residencies is an extremely up market apartment complex in Sri Lanka with a niche crowd residing at the condominium. Most of the apartments are occupied by expats/foreigners that are attached to embassies and various diplomatic missions. 

The apartment is both a great investment to buy and rent as well as to buy and keep as it will certainly fetch a good return in the years to come. It is also a great place to live in. One of the very best compounds in the country considering the security, size and the facilities such as two parking slots etc. 

Please see the apartment specifications below:

Total number of square feet is 2570 approximately including a terrace of 520 sqft. There are only three apartments at the Empire Residencies which provide this terrace. It is not only spacious but also very breezy, there is no need to go to Dutch Hospital or to any roof top restaurant as this terrace which comes from the apartment gives you that extra facility of having the ultimate privacy. The apartment inside is 2055 sqft with wooden flooring, 3 bedrooms with attached bathrooms, another feature that is hard to find. In total there are 4 bathrooms. 

In addition to the above, there is a separate servant’s room with a separate washroom as well as a separate entrance using a separate elevator again assuring 100% privacy. The servant has a separate elevator unlike many of the apartment complexes in Colombo. 

The kitchen with pantry comes partly furnished with a large double door fridge included with washing machine, dishwasher, oven, and microwave. The master bedroom also comes with walk in closet and the apartment has central A/C. 

There are two apartments on a floor and the additional facilities such as the swimming pool, gym, squash, club house, function area, reading area, lobby, kiddies play area, open garden (which is also used for dinner events along with a concierge and fashionably designed reception area are all available. The building was built somewhere in 2007 and is located in the second most ultra prime location in Sri Lanka – Colombo 02. 

The Jaic Hilton is also walking distance with the Arpico Super Centre, Keellls Supermarket, Urban Kitchen, Cargills Food City, Odel, Banks and all prominent places being a extremely close by. This is a very good deal as the apartment is priced at LKR 80 million and negotiable depending on how soon the buyer can settle the full amount. The deeds and all paperwork are as clear as crystal. 

The apartment was previously rented out to a European embassy and one can easily rent it out at USD 3000/month. 

The advert is only for serious clients/buyer and not for Real Estate Brokers/Agents. 

If you are genuinely interested in this apartment, please write to us via e-mail mentioning the Ref No as the subject in order to organize a viewing info.mistert@gmail.com 

MR. T - The Real Estate Giant - One of Sri Lanka's Leading Real Estate Agencies

WILL THERE BE AN OVER SUPPLY OF APARTMENTS IN COLOMBO?

This is a question that is lurking on the minds of many investors, developers and buyers. Why is everyone talking about this? Are there enough buyers. investors to buy apartments?

Let us study this a little more closely. As of today, we have close to 3000 apartment units in Colombo and a few outside with another 3000 more to come inside the next three years. Even if the number of apartment units increase to seven or eight thousand, here is the interesting thing, a developer once shared a valuable fact with the experts of our company and here is what was told: 

"There are at least 01 million Sri Lankans who have no less than 50 million rupees in their bank accounts!" 

Of course, it doesn't mean that the money is necessarily in the bank but what was mainly highlighted was the gap between the demand and supply. According to this developer, there is a huge demand for semi-luxury and super luxury apartments, also known as A grade apartments and that is why we see Colombo inundated with so many buildings. 

Are the developers getting it right? 

When considering the sizes of the apartments that are being built and that have been built in the recent past, there seems to be an aura of dissatisfaction by many clients who claim that the size of the apartment should be bigger. The older apartments clearly are bigger in size but most of them do not have any facilities at all, but then on the other hand, the newer ones regardless of the size-factor give you an array of facilities from the pool, gym, party area, laundry, supermarket to all kinds games such as table tennis, squash, carrom, pool/billiards, draughts not forgetting a restaurant or a business centre in the same compound. 

Reasons for buyers to complain about the size:

a. A possible reason is that Sri Lankans are used to living in big houses, so the whole concept of living in an apartment can give a claustrophobic feeling when considering the size. 

b. The number of occupants and the lifestyle could also be a factor as Sri Lankans generally like to have the family in one piece although that is expected to change with newly married couples renting and buying separate apartments. Lifestyle is certainly another valid reason. 

c. Storage could also be a possible reason with the experience of living in a big houses, one would have many things to keep and unlike in the apartment-life, you can't just take all your belongings and squeeze them in a tiny apartment. Perhaps compromising on some of the items is an option. 

d. Servant's room and the servant's services is another factor that most buyers look at from a very serious perspective. Certain apartments have very small servant rooms, more like servant boxes and in most cases, there isn't a window for the poor maid to breathe peacefully, sometimes there is no plug point on the wall to even arrange for a fan. Little things that escape the mind of the developers. 

The servant washroom is also something that is looked upon in utmost oblivion and requires some revisiting. 

Coming back to the main topic of whether there is an over supply, in short, we could probably say. 'NOT YET' but you never know when that point would come to light. This is why Sri Lanka needs an independent body that can keep track of apartment sales and bring everybody together in order to study the market more closely and thereby act in a more prudent and efficient manner. 

If you require the services of MR. T - The Real Estate Giant, kindly drop an e-mail to info.mistert@gmail.com

RENTAL - Standard Payment Terms - What is the market practice in Sri Lanka?

This is a very interesting matter mainly because of the rental potential in the market and the type of clients that come to this part of the world.

When it comes to payment terms and conditions, we can look at the following options and gauge an idea of what's best to resort to.

Option 01 - Upfront Payment 

This has been the standard market practice for all these years but it could be safely said that this is changing rapidly predominantly because of the working expats who pay the rent off their salary. Then we also have the local category which also breaks down to newly married couples that are working and need to pay in installments. However, this is how the upfront payment scheme works. Regardless of the period of stay whether it one year or five years, the first payment has to be for 01 year along with a month's deposit (the deposit could be increased if it is a really valuable property). It's best to stick to 01 month's security refundable deposit. 

Option 02 - Two installments 

For instance, if we are looking at a contract of 01 year, we are noticing that many local as well as foreign clients like to resort to a 06 months advance payment + 01 security refundable deposit. This is the most sought after resort that we have across as it brings both the landlord and the occupant to a common ground. The second payment or rather the balance payment is made on or before the completion of the 5th month and then the process continues if the contract is renewed. 

Option 03 - Three/Four installments 

This payment option is also acceptable but it's not the most frequently used/proposed method. Here, the payment in advance is either 3/4 months rent + 01 month security refundable deposit.

Option 04 - One to Three months Security Refundable Deposit + Monthly Rent

This is probably the most favoured option by all clients as they pay a very small amount when it comes to payment terms. The  rent is paid on a monthly basis with a date mutually agreed upon but the security refundable deposit is generally on the higher side. 

WHY SRI LANKAN OWNERS EXPECT A BULK PAYMENT IN ADVANCE?

One might think that Sri Lankan owners are crazy to demand for upfront payments but it has to be brought to light that there is a degree of fear and insecurity in the minds of these owners. The fear that the tenant would not pay up the rent or would not be in a possible to pay the rent, they fear that the tenant may leave without completing the contract period and so, they are at a loss. On the other hand, it also gives the tenant some extra privacy as the owner does not visit the tenant frequently. 

With time, I feel this trend will change and owners will understand and realize that the upfront payment schemes (Option 01 and Option 2) will be something that the owners will have to compromise upon purely because the market is expanding and there are so many expats and high  end locals who have been expats abroad will continue to come to Sri Lanka especially since the war is over and the development of this country being taken very seriously. 

If you require the services of our agency, please feel free to send an e-mail to info.mistert@gmail,com

If you are an Owner, be very careful of your attitude!!!

I thought of sharing some information with all the property owners out there when it comes to your responsiveness and behaviour in front of a client regardless of whether the client came through an agent or direct especially when it comes to renting out.

Even when it comes to selling, you, as an owner should be very careful with your conduct and not give in any information that may or can backfire. Of course, I don't mean to say you shouldn't be honest and professional, you have be very honest, straight-forward and professional but keep it only to business and do not go beyond business. You can do so after the transaction is done. Until then, let's keep it simple.

When it comes to renting, whether you are with an agent or whether the client comes to you directly, at all costs, ensure that all the relevant details such as the terms and conditions, payment plan and if possible, the pictures are sent to the client.

It is considered very unethical and unprofessional to quote prices only when you figure out whether the client has the cash in the tank or not, study the market and always quote a reasonable price. Again, don't get me wrong, yes you have to cover your loan,mortgages etc but remember that it has to worth the value.

Today, I came across a client who point-blank told me 'I don't like the owner's attitude' and this was specifically said after the owner changed some of the terms and conditions. On top of that, it is also important to be humble and help people when they are looking to rent a place. Not everything should be looked at from money-making perspective. Satisfaction matters and if the client is not satisfied with the owner, it's a sorry scene for the owner.

So how should an owner behave or what should their attitude be like?

At first, when you put out your property in the market, you have to ensure you cover every little detail whether it is describing the property or whether it has anything to do with payment. Once you have done your homework, you start to hunt for clients, this you do through Agents/Brokers or simply in your circles and when you do have a client, always be pleasant and indicate to the client that you are a kind and friendly person (you may want to show that you are tough and all that but at the first meeting, let's make friends shall we).

Clients often open up when you have a friendly approach and they tell you more than you need to know, this way, you also get to know the client and understand their needs and then you could probably help them out or if you feel your place is not going to fit the client, without wasting any time, you know what to do if it is the fitting and what to do if it's not. There are so many properties on the market and you as an owner will have to maintain really good relationships with everyone (Agents/Brokers, security guards, tuk tuk drivers, caretakers) and I mean it - EVERYONE. It makes life so much easier.

Further, do not be too money-conscious, always accommodate offers and if it's a no go, quietly turn them down. There is no need to be very strict or harsh. The client can always take revenge by leaving an unpaid bill or damaging something and not telling you. So be very careful. Agreements and contracts are signed to keep things formal but there is always a fine line between a heart-to-heart bond and a bond that is in writing.

Good luck with your hunt for clients. If you need our agency to get involved. Please write to info.mistert@gmail.com

Why should you use the services of an honest and reliable agency?

Real Estate Brokering can be a very tricky business. It is also a beautiful business to those who do it right, very much similar to anyone doing Gem Business but just like all other businesses, there is a dark side to it. 

Surprisingly, we find so many people claiming to be 'Brokers/Agents', more than 400 of them operating in Colombo. From tuk tuk drivers to house wives to security guards and caretakers of properties, they all do it. One cannot ask them not to do the business as they too are on the hunt to make a fast buck, however if you bump into the right real estate agent or agency, they will be able to:

a. Help you with the much needed market information and market practices

b. Advise whether a property is worth its value or not

c. Be your property advocate and keep you posted on other properties that might be of interest

d. Give you that real estate experience which would certainly be memorable 

e. Provide you the proper customer service be it in the form of compiling a report or even negotiating on your behalf. 

How to look for a good agent/agency?

Always ask as many questions possible:

For how long have you been on the market?

Are you a real estate agent?

Do you have a website?

Do you have a business card?

And you can always check on the professionalism of the agent/agency from how they talk, how they dress and how they conduct themselves. 

If this business of brokering is done properly with the right intentions and with the right people, not only does this business relationship become stronger but it also gives birth to a lifetime friendship which based on the foundation of trust. Truly a beautiful trade to be in. 

If you want to contact MR. T - The Real Estate Giant and acquire any of their services. Please write to info.mistert@gmail.com

2 Bedroom Apartment for Rent at OnThree20

REF NO: AFR0123

Brand new 2 bedroom apartment for RENT.

- 20th Floor with a great view of the Harbor, City and the Sea
- Fully Furnished 
- 907 sqft
- 2 bedrooms 
- 2 bathrooms 
- Living area with balcony
- Good view of city 
- Fully tiled, fully air conditioned
- Hydraulic gas 
- 01 Parking slot 
- Super tight security

Common Area

- Covered Car parking for each apartment plus an option to purchase additional car parks (based on availability)
- Building Management System
- Standby Power 
- Broadband Infrastructure
- Separate Entrance Lobbies in each Tower Over half an acre of landscape garden on the podium level
- Swimming pool, Lap pool & Kiddies pool
- 2,000 Sqft Gymnasium
- 40 Visitor parking slots 
- Large Club house and 2 multi-purpose function rooms
- BBQ Pits 
- Business Centre
- Squash Court
- Steam Room
- Indoor Games Room

Click here to view pictures Strictly serious clients only!

Also note that MR. T is a dual real estate agency and a service fee will be charged from the tenant for the honest and trustworthy service provided. We put your needs before ours.

How Agents Get Paid!!!

Apartment Costing - Buying as an Investment

I think this will be a very important aspect when you are investing for a return and there can be many costs that could incur in the beginning which might escape your mind when planning:

For instance, when buying an apartment 

1.       You have to add another 4% as stamp duty fee (Don't even think about undervaluing now - too risky) 

2.       Standard lawyer fee is 1% (if you have a friend who could do the job for less, that would be great)

3.       Management fees are covered by the owner, so that is a cost for you.

4.       Apartments in Colombo are mostly given with furniture. Not forgetting the designing of the interior if it’s a fairly old apartment that may require some touch ups.

Optional but worth considering

1.       If you find a tenant through a real estate company, then there is a commission that you have to pay to the agent. 

2.       If the lease agreement is signed, then there is a legal fee (Small amount but again it’s a cost) which is split by you and the tenant.  

So considering the above, I think the goal should be to get as close as you can to the 6% you are targeting as you might understand now that it requires meticulous planning in terms of the costing. There might be additional costs too which I might have missed. 

That is a brief overview of the expertise and experience that I have gathered from this industry. 

Hope the above information is helpful. Write to me if you are in need of property advice. info.mistert@gmail.com 

How to Categorize Apartments in Sri Lanka

This is a very interesting topic. Categorizing of apartments in Sri Lanka. The best way to categorize them is to gauge the project and the amenities. The price also is an indicator but in most cases it's the space and the size of the project. When it comes to the categorization of the apartments, I categorize them in the following way and so it has worked for us:

Super Luxury 

These are the high end apartments that carry price tags of 30 million and upwards, there are apartments up to 180 million and so on. Examples, Crescat, Monarch, Iceland, Emperor, Havelock City, on320, Iconic, Royal Park, Trillium Residencies, Altair (Under construction) Destiny (Under construction) These are within the city and could be rented from anything between USD 1500 to USD 4000. 

In terms of facilities, they have everything. Convenience and comfort coupled together. 

Luxury Apartments & Semi-luxury Apartments

Then we have these apartments which are just stand alone buildings,they have the basic interior inside and a pool, gym and rooftop. Some don't have the pool and gym like the Queen's Court, Prince Alfred Tower, St. James, St. Micheal's but are big in size and in prime location such as Colombo 03. These are mostly priced at around 25 million and above. The majority of expats try to rent out these kinds of apartments. Apartment complexes such Lumiere, Spathodea, Seagull (They have 40 + buildings but not well maintained), Suncity etc. You can find many like these. 

(You cannot buy one on a lower floor if you are not a Sri Lankan) 

These could be rented out at around Rs. 120,000 – Rs.130,000 per month. Closest you can probably get to 6% p.a.

Normal/Basic Apartments

These hardly have any facilities and are relatively cheaper. Starting at around Rs. 18 million and going up to about 25 million depending on the location, most of the apartments in Colombo 06 could be found at this price. The old ones are a no go as they have issues with title deeds and certificate of conformity (COC) etc. There are new ones coming but they get sold soon and could be rented for Rs. 100, 000 or less. Some examples would be Falcon Residencies, Carlton Residencies, Unity Residencies, Majestic Apartments, New Frontier etc. It’s a little risky to buy the new ones as the construction could be questioned and the class of people living in them can make the building go to the dogs in terms of maintenance.

Of course there are shoddy ones too that are just built purely for profit making purposes, I have not mentioned anything about them. Also a note on the security factor as that is the first thing any occupant would look at, the super luxury and luxury apartments generally have a property security fir/system with guards properly trained and dressed in the usual uniform, normal apartments mostly do not hire the firms as the management fee is kept at a low price.

Management Fee / Maintenance Fee / Body Corporate Fee 

This a fee that is paid to run the daily operations and in most instances is divided with the number of apartment units in the building / the number of square fee in an apartment. For example: Rs. 12 per square foot, so if your apartment is a 2/3/4 bedroom, the number of square feet is multiplied by 12 and a figure is arrived at. 

Super Luxury – Very High – Can go up to 30,000 to 80,000 per month

Luxury – Mostly is around Rs. 15 per sqft. So in most cases, it is less than 20,000 per month unless you buy a really big apartment.

Normal – Mostly less than 10,000, Suncity needs to be mentioned in this. It comes under Luxury Apartments but management fee is very low and is maintained well.

A note on Sinking Fund

It's very important to check if there is a sinking fund or not. This is mainly provision for major repairs, replacements in along the lines of common elements such as the exterior of the building requiring a paint job or the tiles in the pool to be replaced or gym machines to be changed etc. 

Why it's important to share all your details with a reliable Real Estate Agency.

When it come to working with Real Estate Agencies in Sri Lanka. There are few who that are actually passion-driven. Most of them are money-driven and that is why clients feel very insecure when it comes to sharing information.

When you are buying a property.

If you have the means to buy a property all by yourself without the professional services of an agency, it's okay but not advisable as Agencies know more about what's going as they are players on the field and it's important to have an Agent you can trust and rely on.

When it comes to renting a property (especially apartments) 

The owners/landlords or landladies are very picky and very few would actually entertain all nationalities. Word spreads very fast and it is nothing new, certain lifestyles are not so impressive and hence, owners do not want their apartments to be hacked. When sharing your nationality, be very careful in how you present it and be very clear on who is going to be living in the property and who is not.

The other important thing is the period of stay. This plays a key role in winning the deal but you have to do your homework before inquiring and check if you are pitching at the right place. Most clients look for short term stays and inquire about properties which are advertised for long term. The game is different. When it comes to:

Long Term

Property owners are not obliged to give you everything that is needed such cutlery and crockery and linen sets. There is a proper method of paying bills as well.

Short Term

You are likely to get everything that you won't get above but it's also important to know that some property owners are also unaware of how the game works and they are nice enough to ask you if you need them and sometimes they provide them too. So you have to be alert and always ask as many questions as possible when viewing the property.

Employment Details

It is advisable to share surface details, do not go deep into explaining what your job role is and how you plan to work unless you have decided on the property. It's okay to share information with the Agent as you have established a certain degree of trust and remember, the agent represents you when dealing with the owner, so be very careful and try your best to impress the agent because an impressed agent will definitely succeed in getting you what you want.

Payment Terms and Conditions

There are very few property owners that charge the rent on a monthly basis. In most cases, the owners prefer to have the payment in bulk but they are quite flexible. It is advisable to inform the agent well in advance about your payment plan or how you plan to pay the rent. It makes the job so much easier for the agent when you tell him/her what your minimum and maximum budget is and from when you need the place. Never say your budget is x. Always give a decent range so the agent can look for options and in doing so, you would be able to note whether the agent is quoting the maximum budget amount for the properties or whether he/she is being honest. This is very important. In selling, there is not much to discuss as most of the paperwork matters are looked into by lawyers but always keep the agent on the loop.

Contact Sri Lanka's Leading Real Estate Agency - Mr. T - The Real Estate Giant if you need to know more information - write to info.mistert@gmail.com

Super Luxury Apartments in Colombo - Best Condos to Live in!!!

Sri Lanka is experiencing a boom in the real estate sector especially in terms of the number of apartments that are coming up. Listed below are some of the apartment complexes you must consider to live in:

1. Havelock City

This is rated as one of the best and biggest apartment projects in the country purely because of the value and space it brings in. As the name suggests, it's a city in itself. The project is reaching its half way stage. The plan is to have 1500 apartments, 250 room hotel, 2 commercial towers /shopping mall and a 7 acre garden. Imagine that. The total land area is around 18 acres. Clearly the Big Daddy of all apartments. This is located on Havelock Road - Colombo 05/06

2. Royal Park Residencies

Sri Lanka's oldest apartment complex. Still standing tall with two towers. The amenities are great and the entrance to the complex is very welcoming with a hotel-like set up. It is also one of the only complexes that has a bar with license to consume alcohol and is surely a preferred spot for many of expats to rent. Some people consider it an 'Old' building when it comes to purchasing it but it's okay to buy and keep/rent out. Location - Lake Drive - Colombo 08 / Rajagiriya

3. Trillium Residencies

'BIG is the word. The apartments are big unlike many other complexes in Colombo. Most, if not, all of them are 3 bedroom apartments and provide all the facilities such the supermarket, badminton court, swimming pool, commercial bank atm, gym, laundry, nice roof top and there is another plus factor in its location as well, walking distance to the British School in Colombo and it's quite central in terms of other locations one may need to go to. This is in Colombo 08.

4. Cinnamon Grand Compound - Crescat City

This is not one compound as such although Monarch Residencies, Crescat Residencies and the Cinnamon Grand Hotel along with the Crescat Boulevard are within the same compound. Just adjoining is the Emperor Residencies, Iceland Residencies and of course the Seylan Towers. Further down is the Galle Face Court 3 and the Galle Face Hotel, one of the oldest hotels in the country. The prices are on the expensive side as it's in ultra-prime location - Colombo 03. This is a highly preferred option as most of the action is around here.

5. Iconic Residencies

This is another complex which has scraped into the super luxury category, certainly a place worth having a look and seeing if it fits your way of living as the apartments are quiet spacious and the facilities are also of high standards. There has been a certain degree of complaining about the small houses (slums) on one side and the road noise on the other side but people are living in the complex. Some like it to be super quiet while others can manage. This is also located in Rajagiriya and is quite close to the Royal Park Residencies.


6.  OnThree20

This is another highly sought after super luxury complex but let's face it, they are small in size and that is by the only downside about this complex. Superb location, amazing views, amazing facilities and the best part is the pool area which is landscaped in a very picturesque manner. Located in Colombo 02. 

7. Marine City 

In Dehiwala, just outside the city of Colombo but pretty much within the range of the expats that love the sea. Maine City is one of those buildings that give you a heavenly view of the sea, the closest you will ever get and trust me, if you find the right apartment (some apartments face the city - not that overwhelming) you would pay anything to have that view. Simply priceless. As the apartment is just outside the city, the pricing is pretty good although some owners have started to compare it with many of the super luxury apartments within the city and have jacked up the rate. 

8. Empire Residencies

Targeted segment. Huge three and four bedroom apartments, what makes it super luxury is the location and the size of the apartment. Less than 10% of the residents happen to be Sri Lankans. Most of them are occupied by diplomats, embassy officials and high end expats. Great location with the Arpico Super Store being a stone's throw away.