ASTORIA, a project that has redefined luxury living in Colombo by offering exclusive condominiums, is a subsidiary of AVIC International, a state-owned, multi-element corporation administered by the Government of China. The project provides new meaning to prestigious living in the heart of Colombo by delivering three residential apartment towers and one office tower.
Known to stand out in its distinctive design, quality, functionality and convenience, the condominium is the epitome of modern luxury living, which sets the benchmark for modern lifestyles in Colombo.
The massive expansion opportunities set out for Astoria in Sri Lanka require a promising partnership with a post construction agent who would focus on property management.
With the backing of decades of experience, Realty Management Services (RMS), one of the largest facilities management service providers in Sri Lanka, is known for its expertise in managing facilities ranging from commercial and retail to residential properties.
Chief Operating Officer of Overseas Realty Remaz Ghouse revealed details on the partnership between RMS and AVIC, and the opportunities it could deliver.
Tell us about RMS and its partnership with AVIC International.
As a direct subsidy of Overseas Realty (Ceylon) PLC – listed on the Colombo Stock Exchange – RMS provides in-house expertise in managing properties. The organization was formed mainly to facilitate the development of the World Trade Center in Colombo. Accordingly, the extensive knowledge gained by RMS in property management has allowed them to branch out their service offerings.
AVIC International is backed by their expertise in high-rise development in China, which has erupted over the last few years. Regarded as a Fortune 500 company, the mega corporation has expanded across several international borders as well. As the organization’s entry into unknown markets could have its own challenges, AVIC looked to RMS for the support required in managing and maintaining their properties in Sri Lanka. Although this partnership may still be in its infancy, both organizations are working towards a unique partnership rather than a one-off, project-specific relationship.
[pullquote]ASTORIA ALSO ADDRESSES GROWING DEMAND FOR OFFICE SPACES IN COLOMBO[/pullquote]
What is the role RMS hopes to play in managing Astoria? What benefits can it add to the project’s value proposition?
Astoria continues to transform the cityscape of Colombo while ensuring that its clientele experiences modern luxury lifestyle throughout its exclusive projects. In order to achieve this objective, RMS will be providing post development management services after the completion of the project. The current assignment with Astoria revolves around managing and maintaining the building and ensuring its high-net-worth clientele experience the art of luxury living that surpasses their own expectations.
How would Astoria alongside RMS respond to rapidly changing lifestyles in Colombo? What upcoming trends are identified and how are they being addressed?
Astoria is located in residential Colombo away from the hustle and bustle of its busy streets, but strategically minutes away from restaurants, shopping malls, hospitals, schools, business establishments and cinemas.
The development also addresses growing demand for office spaces in Colombo. The concept of integrated office towers alongside residential living spaces is an interesting response to growing buyer demand. However, fusing these two elements could create complexity for the project. Nevertheless, these issues could be managed with the right intervention, which is the role RMS intends to play as managing agents for Astoria.
Focusing on addressing potential trends that are foreshadowed after the construction process, RMS could aid AVIC by providing its expertise across potential opportunities from what to build, where to build it, the potential target market, etc.
What benefits can investors expect with the tie up between AVIC and RMS?
The strategy undertaken by AVIC in its efforts to localize its service offerings is without a doubt the right way to go, setting them for success even from a global standpoint. However, when taking the Sri Lankan context into consideration, the clientele including homeowners, apartment owners and other buyers maintain significantly higher expectations over the past few years due to the availability of information.
Due to a higher number of educated consumers, it is essential for AVIC to deliver global standards in a local context in order to address the needs of the Sri Lankan market. As this particular industry is booming with competition from both local and foreign competitors, RMS could function as a medium that bridges the gap between AVIC and the Sri Lankan market through localized services.
What does the future hold for the two companies? Are there more managed projects in the pipeline?
Astoria is set to redefine the concept of modern living in the heart of Colombo. In functioning as the epitome of a future home, it could open opportunities for RMS to provide consultancy services including marketing, construction advice, development protocol, energy management- related issues, mechanical electrical plumbing services, and even engineering management during the construction stage.
However, both organizations are currently focusing on developing a unique and trustworthy partnership, which could form the basis of a long-term relationship driven by trust.