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In Real Estate, the quest for the next promising investment destination is never ending. Investors are always on the lookout for emerging areas with the potential for growth & profitability in their investment. Piliyandala which is located in Colombo district, Western Province is one such destination that increasingly catching the attention of astute investors.

A Thriving Urban Center

Piliyandala’s proximity to Colombo, approximately 18 kilometers away, positions it as a strategic suburban extension of the bustling capital. The area’s evolution into a vibrant urban center is supported by a mix of urban conveniences and suburban tranquility, appealing to those seeking a balanced lifestyle.

Infrastructure and Connectivity

Significant infrastructure developments have been a key driver of growth in Piliyandala. Government initiatives have improved transportation networks, including the extension of the Southern Expressway, enhancing connectivity to Colombo and facilitating access to southern regions like Galle.

Capital Appreciation: A Decade of Growth

Over the last ten years, Pilliyandala has seen a remarkable increase in land prices. The Western Province, where Pilliyandala is situated, has experienced an average annual increase of 14% in land prices from 2018 to 2022. This trend has continued, with land prices in the greater Colombo area, including Pilliyandala, increasing by up to 64% as demand grows for affordable land outside the city. Such a consistent upward trajectory is a clear indicator of the area’s capital appreciation potential.

Current Market Prices: Land, Houses, and Apartments

As of 2024, the average prices in Pilliyandala reflect the area’s growth and desirability:

• Land: Prices range from LKR 800,000 to LKR 2 million per perch, depending on the location and proximity to amenities.

• Houses: A variety of options are available, from newly built houses starting at LKR 18.5 million to luxurious properties priced at LKR 405 million.

• Apartments: Modern apartments in prime locations are listed starting at LKR 28 million, offering a range of amenities and lifestyle choices.

Economic Indicators

• Rental Yield: The average gross rental yield in Sri Lanka stands at 5.19%, with Pilliyandala potentially offering similar or varying rates.

• Medical Facilities: Quality medical facilities like MediHelp Hospital and Aichi Lanka Medical Center enhance the area’s livability and investment appeal.

Major Apartment Projects: The Rise of Luxury Living

Pilliyandala is home to some of the most ambitious apartment projects in Sri Lanka, such as the Canterbury Lexus Golf Apartments and Canterbury Garden Apartments. These developments offer a range of modern residential units set amid lush greenery on a 9-hole golf course, complete with over 50 luxury amenities. Such projects are not only redefining luxury living but also attracting a new wave of investors and residents to the area.

Business and Commercial Prospects

• Plastic Packaging Company: A local plastic injection molded packaging company is seeking investment for expansion, serving both local and international markets.

• Artisan Cheese Manufacturer: Opportunities exist for artisanal cheese production, with export potential to markets like the Maldives and UAE.

• Hotel Refurbishment: Investment opportunities are available for the refurbishment of strategically located hotels.

The factors mentioned above—capital appreciation, current market prices, and major development projects—paint a promising picture for Pilliyandala’s real estate market. Investing in Pilliyandala in 2024 is more than just buying property; it’s about being part of a rapidly growing community that offers both a high quality of life and the potential for significant financial returns. Whether you’re looking for residential land, a family home, or a luxury apartment, Pilliyandala has something to offer every investor.

About the Author

Chithara Dewnethmi, a young and vibrant Property Consultant at 73Avenue Realtors, is adept in navigating the real estate landscape of Colombo’s suburbs. Her extensive inventory encompasses signature properties in the Colombo City Centre and Havelock City. For tailored real estate solutions, Chithara is available at +94 77 476 1273 or via email at chithara.73Avenue@gmail.com.