Sri Lanka is fast gaining recognition as one of the top four destinations for investments in the real estate sector for both Chinese and Japanese investors, Horton Square project CEO Paul Kelly said.
Speaking to Daily News Business he said the foreign investors know this trend and are investing in large condominium projects in Sri Lanka. “However I am not sure if Sri Lankans know about this plus factor.”
Kelly said that for Chinese and Japanese their best investment destinations are Australia, USA and Singapore. “However today, all these three destinations (including India) are more expensive than Sri Lanka.”
He said stamp duties in these countries when buying apartments too are very expensive than Sri Lanka and this is a major plus point for Sri Lanka. “In addition building costs per square meter, along with land prices in Sri Lanka too are attractive for foreign investors than in the other countries. This too is another advantage for Sri Lanka.”
He said that for Chinese, Sri Lanka is the closest location when it comes to flying time as well. Kelly said the Chinese also know about the development of the Port City project handled by Chinese consortiums and this has influenced Chinese investors to look at buying condominiums.
In addition the budget proposals which relaxed foreign ownership rules to buy apartments too is another major plus factor for foreign investors.
Commenting on the Horton Square project he said that clearing of land and construction will start from next week and the 75 floor twin tower complex will open by 2020.
The construction of the project is handled by Zhongtian Construction of China and is the largest private sector infrastructure development company in China. The local Architects for the project is Archedium Pvt Ltd.
It will offer 150 rooms in 15 floors for the St Regis apartments and a further 515 apartments for the St Regis Hotels. The bottom 26 floors would be offered for commercial spaces. The total investment he said will move up to around US$ 300 million as they will invest in high quality materials. The total employment generation of this project will be over 1,200. “This is not just another building but a symbol of renewed investor confidence both in the future of Sri Lanka, its growth potential, as well as, the aspirations of her people”.
St. Regis is the luxury brand of Starwood Hotels & Resorts and offers some of the best locations, views, and amenities the world over.
Horton Square will represent a symbol of confidence in Sri Lanka and other international investors will surely follow.