One tower of the proposed Dusit Thani Sri Lanka, Beachfront Balapitiya has been already sold, stamping investor confidence for the property and also real estate sector for Sri Lanka.
The 5-star luxury project Sri Lanka’s one and only beach front, high-rise, investment apartments have been snapped up even ahead of the ground breaking (scheduled for February) mostly by foreign investors.
The new Dusit Thani Sri Lanka, Beachfront Balapitiya stage 1 comprises of 121 luxury freehold beachfront apartments surrounded by resort style facilities and the total investment is over USS 100 million making it the most valuable real estate project outside Colombo.
Director, Indola Group, Ajit Wijesinghe said that the investment was raised through a consortium in Australia. “The marketing is being done by Thailand based Asian international leader in hotel Management and education, Dusit Thani, whose portfolio comprises of a range of distinctive destination hotels and apartments and Africa with 22 new hotels and apartments planned for completion within the next 5 years.”
The property will be erected in three stages, with the addition of a promenade featuring 15 international restaurants, six swimming pools, bars and cafes, a spa, 2,500sqm convention centre, tennis court, multi-faith chapel and gymnasium.
He said what makes the project sell-able is its value for money which is one of the cheapest in the world for a luxury beach front project of this nature.
Wijesinghe said that Dusit Thani Sri Lanka, Beachfront Balapitiya would be ready by 2018. Hailing from Galle district he recalled that their tea estates were taken over by the government in the 1970’s. The family then migrated to Australia. “However I wanted to give something to my motherland and then set a BOI factory in Koggala. Still it was not enough and then I came up with this Dusit Thani Sri Lanka, Beachfront Balapitiya project which would help to generate over 1,500 direct and indirect employment. We have to pay heavy taxes but still won’t grumble about it since that too would go back to the country.”
“In addition we will invest a further US$ 100 million for the second stage which would help Sri Lanka to be marketed as a luxury beach front, high-rise, living destination.
We will also follow this investment with an international hotel school with Dusit Thani Sri Lanka, Beachfront Balapitiya helping youth to gain employment in the tourism sector both locally and globally. The Beachfront has received immense success with the pre-release 40 apartments from stage 1, which holds a total of 121 out of 485 luxury investment apartments,” commented Director, Indola Group, Paul Dwyer.
“Investors receive a freehold title, guaranteed returns of 6% nett for five years per annum, paid quarterly in US$, the potential of approximately 30% in capital gains in two years and no on-going costs. Additionally, apartment owners can avail of a 21-day free stay per annum. With the success of stage 1 we also aim to open a few more sales outlets around the island,” he added.The company also opened a sales office last Friday in Horton Place Colombo 7, to promote these projects.
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