Although real estate is seen as one of the most stable and profitable markets in Sri Lanka., it is not immune to significant cyclical changes. This has been especially true during the pandemic, which dramatically affected inventory and property prices across the country. However, the market may be shifting soon, and it’s paramount to keep an eye out for upcoming trends. To unpack these shifting market forces, Shamitha Ganegoda, Managing Director of EliSh Development (Pvt) Ltd (The Flemington) , shared his insights on the future of real estate and what trends he acknowledges will impact the market in the coming years.
Any property developer or organisation’s work is guided by an ethos or design concept. In terms of The Flemington, it is still on its way to maturity, and Shamitha is remarkably unpretentious about his accomplishments. He asserts that his designs are rudimentary but alluring, with a touch of grace, as the layouts are functional, meet the practical needs of the Sri Lankan market, and are fashionable.
The future of property development is no longer about delivering four walls to homeowners. Instead, it is about creating a unique, personalised customer experience that fosters meaningful interactions, collaboration, and productivity. In that context, this will require a unique combination of capabilities that seamlessly integrate across the physical and digital realms. When Shamitha was asked if entering the property development industry had been fruitful, he expressed that The Flemington commenced its adventure constructing townhouses in Melbourne, Australia. For the past seven years, embarking on the Sri Lankan property development sector has provided him with a striking viewpoint, knowledge, and experience that has been both thrilling and challenging. On the other hand, these difficulties have aided the company’s growth. As far as Shamitha is concerned, efficiency is crucial, and they have found that project planning has played an integral role in their conquest.
Appropriating his opinion of the pandemic’s impact on Sri Lanka’s development market, Shamitha detailed how, of the three major asset classes in Sri Lanka (fixed deposits, stock market, and real estate), the real estate segment has performed exceptionally well even during the pandemic. He emphasises how The Flemington 20 Vajira was launched in September 2020 during a difficult period. Moreover, he went on to say that The Flemington was competent to sell the 45-unit complex in about 5-6 months. What an accomplishment! Despite the pandemic slowing the global and national economies, there is still a severe housing scarcity in Colombo and its surrounding suburbs. This one element correspondingly drew in a lot of home buyers.
It’s all too easy to respond to the most recent problem while trying to handle today’s complex, uncertain, and fast-paced corporate environment. On the other hand, the best leaders can develop something new in addition to responding to the current circumstances. The ability to be innovative and creative, rather than just vigilant and reactive, frequently distinguishes the best leaders. Visionary leaders—those who bring a deeper understanding and the ability to show up with a sense of humanity—focus on creating what is not, but what should be, in service of a more substantial cause, rather than reacting to conditions and managing what is. Questioning Shamitha on what personality traits make him a good leader, he humbly articulated, “I have learnt a lot during this journey and I have much more to learn.” Regardless, he stated that, as a finance professional with experience in real estate development, he had not launched many projects simultaneously. Instead, while instituting a new project, he has been very stringent and stoic, affirming, “‘One at a time’ is something I really believe in and thus I can fulfil what I have promised to my clients.” He went on to say, “Appointing the appropriate person for the right role is the essence of good leadership. The individuals who have been appointed will provide their expertise. It is critical for you as a leader to pay attention to what the professionals you hire have to say. This allows me to make well-informed decisions.”
Shamitha has it in his genes to uphold recasting property development into visually exquisite insignia of modern living. The Flemington performs this regularly, assembling distinctive and contemporary designs with long-lasting finishes and fittings. He also cited that their location selection is tailored to a specific demographic and is cost-effective, which is quite persuasive. Similarly, he communicated that living close to Colombo has always appealed to his clientele. His goal has always been to give this lifestyle of ease of access and convenience.
A riveting inspiration, Shamitha has faced numerous hardships during his term and is eternally grateful to his parents, wife, and children, who have stood with him through thick and thin and continue to support and nurture him. More notably, he voices appreciation to his coworkers and service providers for accompanying him on this challenging but rewarding path. He ends his account with an admirable quote that is quite applicable to the current situation of the country, “This too shall pass”. He continued, “I believe most of the success in The Flemington goes down to one large adage I follow and repeatedly remind my good group of employees; If you fail to plan you are planning to fail, therefore plan your work and more importantly work your plan.”