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Port City could be game changer - Malaysian property leader

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A Malaysian property industry leader Michael Yam who was a panellist of the breakfast meeting forum said the Colombo Port City project which is in the heart of the capital would be a game changer for Sri Lanka.

Yam comparing the property markets and demographics of Sri Lanka and Malaysia said that both countries were equal in economic terms until the 1980’s. “Malaysia added the much needed highways, new airports, created new business and ICT districts and also large 400 acre apartment living area and the Sunway and Gentling Highland theme parks which allowed the country to be a more developed nation than Sri Lanka.

He also said that during Asian financial crisis the government provided several relief packages to the private sector to cushion the crisis which was successful.

Yam also said that the political climate and elections would not be major concerns for foreign apartment buyers but they are keener on peace and this theory works for Sri Lanka as well. Asked by the audience on the safety of apartments especially during a fire he said new regulations have been introduced. DFCC Bank PLC, Senior Vice President Gillian Edwards said that when they provide loans for investors, they look at the safety measures taken by apartment builders.

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