Edge Water Residencies

Project Details

Project Cost
USD 22.5 million
Category
Luxury Flat
Location
Battaramulla

Description

Real estate in Sri Lanka
Today, Sri Lanka as an economic hub, the demand for the real estate business sector is growing tremendously.  Many individuals, professionals, new generation and foreigners are main buyers for this sector. This creates many business opportunities for the entire country.

Construction Company

AMSK CONSTRUCTIONS (PVT) LTD is a renowned and dynamic establishment which specialized in the realm of construction and civil engineering services. The Company was incorporated as a Private Limited Company on 15th January 2002 under the companies act no. 17 of 1982. Later the Company was re-incorporated under the revised companies act no. 07 of 2007 on 11th August 2009.

New Number of Company: PV 15082 (as per the Certificate of Incorporation)

As a perfect testament to the old saying that, all great things has small beginnings AMSK commenced operations at the turn of the 21st century as a sub-contractor of the celebrated Korean construction company ‘Keangnam Enterprises’.

From the initial sub-contract works the name of the company became quite distinguished among the local construction community mainly due to the praises that AMSK received from project employers and stakeholders who became quite impressed by the quality of the workmanship on time execution and strict compliance to employer requirements /specifications. So naturally it didn’t take much time to reach the good word of mouth among the construction industry in regards to the capabilities and capacity of AMSK to execute construction endeavors’ within satisfactory time, cost and quality parameters.

Though, an infant among the giants of construction industry at that time we were reached by some of the most prominent names in the industry such as Keangnam Enterprises Limited & China Harbor Engineering Company Limited, whom has immediately assigned us as their nominated main sub-contractor for some prominent and suitably massive scale building and highway construction projects contract prices of which exceeded LKR 1800 million cumulatively.

With the company gaining momentum with the collaboration with international construction consortium it was time for a pragmatic shift into the mainstream construction realm and It was at this point of time that the Managing Director of AMSK decided to compete in public procurement scene with more prominent local construction organizations. With a sore foot in public procurement scene AMSK managed to become one of the few companies that was fortunate to obtain the C-1 grade in the first attempt and without having to upgrade from a lower grade to a higher grade.

Background

AMSK has qualified for the CIDA (formerly ICTAD) Grade- C 1 (for Building & Highway Construction) which is the highest national accreditation that a construction company could achieve in Sri Lanka. Apart from Highways and Buildings AMSK has proven the adeptness at other civil construction practices such as Irrigation Hydro Power and Bridge constructions.

AMSK managed to obtain the Certificate of Conformity on 02nd August 2010, for ISO 9001: 2008 (for construction of Buildings and Roads as per predetermined designs and specifications) from Sri Lanka Standards Institution and has been implementing the good practices of quality management in all our disciplines, ever since.

ISO Certificate No - QSC – 05224

AMSK has gathered over 150 professionally qualified, technically competent and adequately experienced Chartered Engineers Surveyors Technical Officers Quantity Surveyors etc. as the staff of the company and continues to be an industry leader in relation to staff credentials.

AMSK now bears the strength of over 450 efficient and hardworking workforce whom are above average in terms of workmanship in various construction activities in comparison to run-of-the-mill workmen.

As of July 2016 The Company is equipped with a tremendous fleet of construction vehicles machinery plant and equipment which makes AMSK eligible to compete for most prominent and largest scale construction endeavors. The estimated value of the machinery fleet is approximately 1000 million rupees.

AMSK now owns a fleet of construction plants including several concrete batching plants, asphalt concrete batching plants, large scale crusher plants as well as a fully equipped network of workshops to aid and complement our on-going construction projects.


Financial Requirement

Draft Working : Battaramulla- Thalangama Apartment Project
Description Units Value / Rs.  Value / USD
Details -      
Variables      
Extent of land Pur                          108  
Land Cost per Perch Pur              2,500,000           5,625.00
SQF
Total SQF Land SQF                    29,403  
Podium SQF                    11,761  
Main Building SQF                    11,761  
Utilization
Podium % 40%  
Main Building % 40%  
Sellable area (15% circulation) % 85%  
Number of Floors Nos                            23  
Podium Floors Nos                              6  
Apartment Floors Nos 17  
Number of apartments per floor Nos 10  
Sellable ratio % 63%  
Average size of an apartment SQF 1000  
Construction Cost per SQF SQF 9600 60
Selling Price SQF 22400 140
Consultancy Fee- 5% % 5%  
Sales and Marketing- 3% % 3%  
Administration Fee LKR/USD       20,000,000.00       125,000.00
Project Summary
Total Buildable Area SQF            270,507.60  
Sellable Area SQF            169,949.34  
Circulation % 15%  
Number of Apartments Nos 170  
Average Selling Price/Apartment LKR/USD       22,413,760.00       140,086.00
Direct Cost
Land Cost      270,000,000.00    1,687,500.00
Construction Cost   2,596,872,960.00 16,230,456.00
Pilling cost      200,000,000.00    1,250,000.00
Total Direct Costs   3,066,872,960.00 19,167,956.00
Other Costs
Sales and marketing cost (3%)      114,310,176.00       714,438.60
Other Amenities         76,433,120.00       477,707.00
Consultancy fees (5%)      190,516,960.00    1,190,731.00
Administration and project progress monitoring      152,413,568.00       952,584.80
Other cost  - Total      533,673,824.00   3,335,461.40
Total Project Cost 3,600,546,784.00 22,503,417.40

Financing Terms and Conditions

  • Debt Financing (Total investment required) – USD 22.5M
  • ROI – 3%
  • Term – 6/10 years 
  • Grace Period – 24 months

Financing Terms and Conditions

  • Signing of the agreement/MOU – Investor and Project Owner
  • Arrange banking facilities in both ends
  • Fund transferring and issuing of Security for Financing simultaneously at both ends through the selected banker.

Project scope

No Description Time from commencement
Duration
(weeks)
1 Signing MOU with all parties 2
2 Checking title clearance 4
3 Deployment of consultants, Architectural, MEP, Structural, QS, Sales and Marketing   4
4 Agree on Design Concept
Design concept by Architect Structural plan
Geological report
12
18
5 UDA clearance
PPC from UDA
20
6 Final drawings
Schematic design, Obtain BOQ & MEP, Design
6.1 Schematic design, Obtain BOQ & MEP, Design   
6.2 Obtain all approvals (Condominium, UDS, Council, Aviation, CEA, CEB, Water and Fire etc.)          
26
32
7 Sales & Marketing
7.1 Finalize marketing material
7.2 Ready for construction
34
35
8 Pre Sales
Commencement
42
9 Construction commencement
9.1 Commence piling/Foundation
9.2 Complete construction
43
147
10 Handing over to customers 148
Extra Notes :
We highly recommend to show an apartment to facilitate sales
Although the site is ready for construction in the 35th week, we have delayed till presales kick in for commencement.
Physical construction period is estimated to be 24 months or 104 weeks

 

Our main focus is to deliver eco-friendly life style for the growing housing development industry. It is highly important to apply cutting edge technologies, emerging technologies, new engineering concepts and designs as a competitive advantage. Today with the globalization these requirements can be accommodated without any difficulties, which create many business opportunities and high return of investment for foreign investors. Doing things better than others while enriching human life with good quality living is the main theme of this Edge water residencies project.

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