Meanwhile in Sri Lanka the rent and the purchasing price of the commercial buildings facing significant growth in the last decade (CBSL, 2012). But the BOI approval will help to import construction materials and plants with tax exemption and this will help to increase the profit by reducing the construction cost. Because the company cannot sell the property beyond the market price, cannot buy a land for a very low price and cannot reduce the quality of the project. This approval is very important to make a respectable profit. Here the proposed Shopping mall project is one of the infrastructure developments of this country, so the Board of Investment of Sri Lanka will give the approval for this project. Hence the government provides lots of subsidies for the infrastructure development projects (BOI, 2012). Nowadays the government of Sri Lanka gives more priority to the infrastructure development of the country to increase the economic growth of the country. Due to these reasons the shopping mall development will be getting more value in the future and it will lead to earn more profit. The shopping mall will attract them also. Meanwhile foreign tourists are contributing more in the retail market of the Sri Lanka. Hence the people want some shopping malls to fulfil their needs. Therefore the wages and the consuming power of the people going higher level than past decades. Due to this peaceful situation the foreign investment in increasing significantly and it is reducing the unemployment. After finishing the 30 years of local war Sri Lanka now feel the economical stability. Therefore it will be the first shopping mall in Colombo and will be located in a very attractive place with many hotels located nearby so this project will be a substantial value and it will increase the profit significantly.Ī very strong retail sales in Sri Lanka have been the driving force of the retail property market. But in Colombo there are no any large shopping malls at the moment. According to Robinson (2008) most people in the World (including Colombo) enjoys shopping. However there aren’t any large scale shopping mall in Colombo, therefore the shopping mall construction in the proposed site will be getting more attention and value.Īccording to the site layout and the maps (Appendix 01&02), the proposed site is located on the seaside nearby Galle Face Park, large number of tourists visit the beach and Galleface green every day. Consumers prefer one-stop-shopping destinations, which offers convenience, choice and comfort (3C's) which can be found in a large scale shopping mall.
This has made Sri Lankan consumers westernised in their thinking to shop at modern retail establishments. According to Perera (2011) Sri Lankans are travelling overseas more regularly and are also exposed to global trends through television and satellite and cable networks.
The high earners do not want to waste their time by going to the retail shops. Reasons for the shopping mall developmentįirst large scale shopping mall in ColomboĪccording to Global Property Guide (2012) the average income of the Sri Lankans was increased due to increased employment in IT – BPO sectors. Nowadays a modern shopping mall provides the vast range of entertainment for the consumer such as restaurants and cinemas (NCSC, 2009). These shopping malls not only containing shops but also providing other important services such as bank and libraries.
#Construction of shopping mall project full
Shopping malls full fill this requirement of the consumer. In the modern world a consumer expecting best service within a short time and under one shelter.
However The shopping mall construction is identified as the most suitable development for the proposed site.Īccording to Finn and Louviere (1996) shopping malls are playing key role in modern retailing and marketing system, furthermore they still dominate the distribution system of goods. The five star hotel, the shopping mall and the residential apartment projects are proposing for the new development. The Moreland property group went through lots of project proposals and has selected the most suitable one after the elaborated analyses. Therefore the company has chosen that particular land to develop a suitable project in order to make reasonable profit. This proposed site is located in an attractive and valuable location, hence the market value of the project will increase significantly. The company plans to develop a property on the site which is located No 2, Galle Road, Colombo 3. The Moreland property group is the leading property developers in Sri Lanka since 1990. Importance Of The Shopping Mall Construction Essay Introduction
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