Catalina Koggala to promote retirement community industry in Sri Lanka
Granite Capital (Pvt) Ltd, a company set up by Sri Lankan and foreign investors is building the 22 villa retirement community in Koggala, namely, Catalina Koggala.
Catalina Koggala is looking at becoming a trail blazer in retirement community industry in Sri Lanka. The up market villa development is targeting over-50s buyers.
“Catalina will fill the gap in Sri Lanka for purpose-built senior independent living facilities normally found only in top-class resorts or spas,” Granite Capital Managing Director, Jeevan Williams has told the media.
The development, on 5.75 acres is surrounded by cultivated paddy land and a stream and is near the Koggala Lake.
“This is the first of its kind in Sri Lanka,” Chairman, Brad West, who has been involved with Sri Lanka for over 15 years ago helped found Amba Research, a pioneer investment research outsourcing firm has said.
“It is a major market in the US. It is a wide open space.”
According to reports, in East Asian countries like Malaysia, Thailand and Indonesia where visa regulations are relaxed, the retirement community industry has expanded fast.
The company has reportedly said it is offering a ‘resort style lifestyle’ with activities for the home owners, with access to medical facilities in nearby Galle, and the capital Colombo 90 minutes away through an expressway and the airport about two hours.
The residential development will also have a club house, gym, pool, tennis court, a putting green where golfers can practice before going to Koggala golf course.
Promoters of Catalina are mainly targeting Sri Lankan dual citizens and also locals who are looking for a relaxed living with ‘like-minded’ people with opportunities to interact with the local community, Williams has explained.
OSL take:
Catalina Koggala will open up a new investment opportunity in Sri Lanka – the retirement community industry. In fact, the retirement population is on the rise in Sri Lanka, according to official statistics. Therefore, projects similar to Catalina Koggala could be promoted in Sri Lanka targeting the retirement.
| Article Code : | VBS/AT/20180205/Z_3 |