Rose Oak Residencies

Project Details

Project Cost
USD 5.9 million
Category
Luxury Flat
Location
Bambalapitiya - Colombo
Construction Company
AMSK Construction (Pvt) Ltd.

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.

Land Location and Main Features

The Bambalapitiya Flats land an extent of 30 perches is located within the Colombo Municipal Council area and is bounded by Marine Drive and the Galle Road – two main arterial roads running in North South Direction.

The location which has been chosen for the Rose Oak residencies project is rich with new opportunities and new experiences for enjoying the life. Even in economically and personally it will help to discover new ways to live the life anyone wants. Being closer to the Colombo Port City, Colombo Airport and Colombo Harbor will open new ways to get in touch with the world. Also since this place is closer to shopping complexes, it will help to fulfill day to day needs instantly where there is no need of traveling great distances to buy whatever is needed. This location will also give the chance to experience the amazing Colombo night life within matter of seconds.

Whenever some time is needed off, calming beach will help to get rid of stressful work life, which is situated within a walking distance. This location gives the perfect lifestyle everyone always wished for.

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 - Marine Drive Apartment Project
Description Units Value / LKR Value / USD
Details
Extent of land Pur 30  
Usable land % 65  
Tower plinth (Sq Ft) sq ft 5,308.88  
Floors floors 12  
Total buildable area sq ft 63,706.50  
Sellable area (15% circulation) sq ft 42,683.36  
Average units/ Floor (67% efficiency) nos 5  
Typical floors   9  
Average unit size sq ft 902.51  
Number of units units 47.50  
Cost Sq ft 8,000.00 52.16
Land Cost Pur 110,835.83
Average selling price per unit sq ft 40,000.00 260.79
Direct Cost      
Land Cost   535,500,000.00 3,491,328.73
Construction Cost   509,652,000.00 3,322,806.10
Pilling cost   100,000,000.00 651,975.49
Total   1,145,152,000.00 7,466,110.31
Other Costs      
Sales and marketing cost (3%)   51,220,026.00 333,942.01
Condominium authority fees   6,380,466.71 41,599.08
Other local authority charges   4,000,000.00 26,079.02
Consultancy fees (5%)   25,482,600.00 166,140.31
Administration and project progress monitoring fee   25,000,000.00 162,993.87
Other cost  - Total   112,083,092.71 730,754.29
Total Cost   1,257,235,092.71 8,196,864.60
Revenue   1,707,334,200.00 11,131,400.44
Profit (before tax) with balconies 450,099,107.29 2,934,535.84
Required Investment (Land  value + Pilling Cost + Construction Cost  + Other cost) 915,326,000.00 5,967,701.13

Financing Terms and Conditions

  • Debt Financing (Total investment required) – USD 5,967,700
  • ROI – 3%
  • Term – 6/10 years 
  • Grace Period – 24 months

Security for Financing – Process Schedule

  • Signing of the agreement/MOU – Investor and Project Owner
  • Arrange banking facilities in both ends, preferably Bank of Ceylon – Sri Lanka
  • 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 Rose Oak residencies project.

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