Sri Lankan hotel company to launch luxury resort condominium project worth Rs. 4.5 billion in Negombo
Sri Lankan leisure company, Jetwing is reportedly embarking on a pioneering journey to the luxury resort condominium market with a Rs. 4.5 billion investment.
Accordingly, Jetwing is to build a 122-unit project in Sri Lanka’s Western Province city of Negombo.
A local media report stated that located on a three acre land adjoining the Jetwing Lagoon, the venture ‘Waterscape’ is expected to offer tenants both the sea and lagoon view.
According to reports, the facility is to be designed by Singaporean Sim Boon Yang of Eco.id and is to have eight four-bedroom penthouses, 40 units of 2- and 3-bedroom apartments, and 34 one bedroom apartments.
Chairman Hiran Cooray has reportedly confirmed that Jetwing is the first among Sri Lankan hotel firms to venture into the long-term resort living market, and that it was a conscious strategic move. It is also the biggest project by Jetwing, after its city hotel Jetwing 7 in Colombo.
“There is a dire need to diversify the Sri Lanka tourism product and experience offering. Several exotic Asian destinations such as Bali have done this successfully. We have identified that there is demand for reasonably priced luxury condominium or resort living,” Cooray has told the Daily FT.
The report state that a one-bedroom apartment is between 726 and 1000 sq. ft. and is priced at approximately US$ 150,000; the two-bedroom spanning 1132–1416 sq. ft., will be offered at US$ 200,000; whilst the three-room unit is 1330–1717 sq. ft. and price range is US$ 350,000-400,000. The penthouses are 2310–3578 sq. ft. each and priced at approximately US$ 750,000.
Cooray has said that there is demand for mid-market resort living, and expects Waterscape to be sought after by foreigners and Lankan expats, as well as locals, for residential/wellness holiday and investment purposes.
“The initial feedback we have got is very encouraging,” Cooray has also said.
Sri Lanka’s tourism industry is on an upward trend and the continuous increase in tourist arrivals to the country has created a requirement for the adding of more hotel rooms to accommodate the visitors. The tourism sector in Sri Lanka is an ideal investment opportunity for foreign businesses/investors looking at profitable returns through investments in the South Asian region.
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