Hi, I am a Sri Lankan lived in Australia for the past 14 years..I went to Australia to study when 18. I am 32 now and moving back to Sri Lanka in December. I love Sri Lanka, its home. I have been a successful property developer in Australia and want to try the same in Sri Lanka. I started as a dishwasher when I moved to Australia as a student. I have 7 rentals properties in Australia and bought a prime commercial/ residential land 300p in Negombo 6 years ago for US$1.2mil. I have AU$4000 per month income in Australia from rentals after expenses and Rs. 300,000 per month from coconut land I inherited and have mortgage 3 mortgage free homes(1 home and 2 holiday homes) in Sri Lanka for me and my family to live. We are asset rich and cash flow poor.
I am thinking of building a 7 story 6 unit apartment block in 10p land (250m2) as a trial project. I am saving the other 290p for a project later. My initial cost estimate came to be be Rs. 30 million build cost for (1500square feet x 7 floor block, ground floor car park). Total cost Rs 45 million (including land)
have I underestimated/overestimated the build costs?
