Crystal Property Group to further explore opportunities in Sri Lanka’s real estate sector
Crystal Property Group Ltd. (CPG), the developers of Sri Lanka’s first boutique condo hotel Crystal Sands – Villas in the Sky, has reportedly raised a Rs. 180 million equity investment from a Singapore-based investment firm focused on coastal real estate development and is looking at further growth opportunities in Sri Lanka’s real estate sector.
CPG Chairman and Director Kumar Sangakkara has been quoted as saying in the local media, “I’m excited about this new investment. Our focus for CPG is to be recognised as a trusted brand that delivers projects of true value, furthering Sri Lanka’s positioning as a premier destination with multiple real estate investment opportunities.”
CPG Founder and Director Dr. Dinuk Jayasuriya has said, “When I founded the company in 2016, as a Sri-Lankan Australian, my vision for CPG was to drive forward the potential of Sri-Lanka’s real estate and create a positive impact on the Sri-Lankan economy. With this strategic investment, we can come closer to realising this goal.”
CPG CEO Reza Magdon-Ismail has noted, “This strategic partnership provides us with a strong platform to establish our first development, Crystal Sands, as a premium product in the serviced condominium space. With construction successfully underway, we are now focused on ensuring a finished product of the highest standards and establishing an operational and service model that provides a first-class experience to anyone that visits our Villas in the Sky. With this foundation in place, we are now looking ahead with intent, to develop multiple real estate assets that generate attractive yields and experiences for CPG, our investors and end users.”
OSL take:
Sri Lanka’s growth in economic activity has resulted in the increase in demand for real estate in the island. The expanding business/investment opportunities in Sri Lanka has increased the business/investment opportunities in the country’s real estate/property development sectors. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/20200122/Z_3 |