CPG breaks ground on million dollar resort residence project in Digana.
Daily FT: CPG hails a key milestone by breaking ground on their third and largest project under the Resort Residence Model; Digana by CPG. Announced in December of 2021, the Project saw an excellent reception with over 70% sales closure in the first two weeks of launch.
The road travelled since has been difficult to say the least, as skyrocketing inflation rates wreak havoc on the construction industry of Sri Lanka. CPG CEO and Executive Director, Reza Magdon-Ismail stated: “operating in a volatile environment has been the status quo for all businesses in Sri-Lanka for many years especially post 2018. As has been the resilience of our fellow Sri-Lankans to much adversity this resilience has translated into our way of doing business. For CPG, our ability to identify and mitigate risks at an early stage enabled us to identify signs of impending economic instability, and one of the courses of action we took was forward buying all the steel required for the completion of the project.”
“At CPG, our mandate is clear; to deliver on promises made, senior management of the company with support of its board of directors and shareholders believe that our clients come first, it is in this spirit that we move forward.” says Magdon-Ismail. “What we are hoping to build is a brand legacy that can thrive in good times and endure in the challenging ones. For us; our priority is not profits, but to deliver through the storm and trust in the model we are building.” This model is based on CPG’s belief in Sri Lanka as a tourism destination, its Resort Residence Model allows investors to benefit not only from real estate capital gains but from the great tourism potential Sri Lanka has. Investors can choose to allow their Residence to be part of an ever-growing chain of Resorts under the CPG Hospitality Brand. CPG CEO Reza Magdon Ismail stated that, “Our trust in the country allows us to have clarity in our purpose and put our clients first, our belief in Sri Lanka’s potential as a tourism destination is strong and we are not short term focused and while the investment we have made today is in an extremely challenging time, we believe that these efforts will be rewarded in the long run as we are steadfast in our belief that SL will bounce back. It is with this in mind that CPG has decided to focus all its efforts on an international marketing push. Promoting Sri Lanka and enticing foreign inward investment with plans to uplift the leisure real estate and tourism/hospitality industry.
With Sri Lanka looking at becoming an emerging business destination in the South Asian region while also promoting the country as a must visit tourist destination, there has emerged a need for the development of a new concept of resort residences. The latest project launched by a local company to set up a resort residence is indicative of the business potential in the area. With Sri Lanka engaged in a tourism promotion campaign in key tourist source markets while the government is promoting long term business visas to the country, there is a growth and business potential in developing new concepts for residential facilities for foreign travelers to the country. Foreign businesses/investors could explore the growing opportunities in the area of property development under the leisure and hospitality sectors while also looking at forming partnerships or joint ventures with local businesses to expand into these sectors.
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