Sri Lanka’s Sapphire Residences scheduled for completion in 2020 attracts interest from high net worth individuals
Sapphire Residences in Sri Lanka, which is a collaboration between ITC Ltd India and Welcome Hotels Lanka (Pvt) Ltd, has reportedly attracted much interest from many high net worth individuals including local and foreign sportsmen.
A local media report has noted that the project is mixed development of two tall towers on the Galle Face Road and it would have an exclusive collection of 132 apartments with two to five bedrooms, including four penthouses (nearly 9,000 sq ft).
The high-end residential apartments are in a 224-metre tall tower with a five-star hotel of 350 keys in another tower of 140 metres height.
The ITC One hotel and Sapphire Residences project has a unique feature of a Sky Bridge with a swimming pool at 100-metres height between the residential and the hotel tower, the report has further noted.
Officials have told the Business Times on a recent tour of Sapphire Residences that among those interested are ultra high net worth individuals.
They have added that many local and resident expats along with Lankan resident individuals worldwide are inquiring about Sapphire as it has the unique proposition with the development of the Colombo Port City which would bring in added value.
“Most of the high end clientele to Sapphire Residences – as much as 60 per cent – of buyers would be from Sri Lanka, 20 per cent from the diaspora and the rest from Dubai, Singapore, China and India,” an official has told the Business Times.
Scheduled for completion in 2020, the development is located on the elegant Galle Face Green stretch in the ceremonial heart of Colombo.
OSL take:
In the past few years, Sri Lanka’s house and property sectors have been dominated by up market luxury housing and apartments. There are many such projects that are currently ongoing and expected to reach completion by 2020. The country’s development programme and the inflow of foreign businesses/investors in to the country have created a demand for up market, luxury housing/apartments in Sri Lanka’s commercial capital, Colombo. Also, the growth recorded by Sri Lanka’s corporate sector has added to the demand for luxury housing options in the city. The completion of the Colombo Port City would further increase the demand for house and property in Sri Lanka. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s house and property sectors.
| Article Code : | VBS/AT/25022019/Z_7 |