Sri Lanka’s SouthBeach Weligama – showcasing unprecedented momentum in sales.
The Morning: Southbeach Weligama recently reported high demand for their units, stating that they’ve sold units at an average of one per week, due to its prime location which is on the Weligama beach.
The project is currently 50% sold with a good mix of 60% Sri Lankan and 40% foreign clientele. The two penthouses with their spectacular views have also been sold. The 75-metre pristine beachfront and 35-metre pool augments a distinctive and ethical lifestyle adding value to the complex, which predicts a gross rental yield of 6.5%. At a starting price of $ 180,000, the initial booking deposit is just 5% and 30% at the signing of the Sale and Purchase Agreement. The project is billed for completion by December 2024, the business said.
Keeping well ahead of its targeted schedule, having completed the first phase of construction of the foundation ahead of timelines this month, the demand for the 106-apartment complex is also seeing a continued trend amongst buyers.
“Wanting to enjoy a lifestyle-led investment, Covid-19 has really sped up this trend,” said Balmond Studio MD John Balmond. “People want to enjoy this prime beach at these prices.”
SouthBeach Weligama is designed by internationally acclaimed design trailblazer Balmond Studio led by Sri Lankan-born Cecil Balmond OBE. He has been a consultant on some of the world’s architecturally most groundbreaking buildings including Cinnamon Life, which will undeniably transform Colombo’s skyline. His son, John debuts his commitment to creating a modern Sri Lanka with Southbeach Weligama – a celebration of modern beachfront living, which they said empowers the local community, enable local craftspeople to produce furniture for the project, and showcases Sri Lankan artists with an art gallery and music room for local musicians to gather.
Sri Lanka’s tourism industry, which was one of the fastest growing economic sectors in the country until the global pandemic dealt a severe blow to the industry, is once again on the path to recovery with a growth recorded in the tourist arrivals to the country. The growing business potential in the industry has also attracted several international leisure and hospitality brands to enter the local tourism industry. With the aggressive tourism promotional campaigns being carried out in key foreign tourist source markets and the country’s tourism authorities exploring new tourism concepts, there’s an increase in business/investment opportunities in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors. Opportunities in Sri Lanka’s tourism industry have further expanded following the exposure received by Sri Lanka as a must visit tourist destination and as one of the top island destinations.
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