JLL launches ‘Sri Lanka Land of Real Estate Opportunities’ report:
Global real estate consulting firm JLL launched a comprehensive new report titled ‘Sri Lanka – Land of Real Estate Opportunities’. The publication addresses a strong demand for accessible, in-depth analysis into the domestic property market.
Through the new report, JLL aims to create a dialogue on the varied challenges which local and international investors face when engaging in real estate transactions in Sri Lanka, in addition to enumerating on the unprecedented scope of opportunity for valuable investments in the country’s rapidly developing property sector.
“The launch of our report coincides with Sri Lanka’s first wave of high-end real estate development projects in both the residential and commercial segments,” said Steven Mayes, Managing Director, JLL Lanka (Pvt) Ltd. “This marks a significant milestone for the domestic market, which we believe holds the potential to become one of the South Asian region’s most promising success stories.”
“The launch of our report coincides with Sri Lanka’s first wave of high-end real estate development projects in both the residential and commercial segments,” said Steven Mayes, Managing Director, JLL Lanka (Pvt) Ltd. “This marks a significant milestone for the domestic market, which we believe holds the potential to become one of the South Asian region’s most promising success stories.”
He added, “There are challenges that need to be addressed, of course; Sri Lanka is prone to limited but notable downside risks, largely arising out of the currently subdued levels of Foreign Direct Investment and a high fiscal deficit. Nevertheless, we see strong demand for Grade A commercial office spaces.”
Coupled with the major growth potential over the medium-long term catalyzed by major infrastructure development projects like the Colombo International Financial City and the Western Region Megapolis, we believe that the overall outlook for the Sri Lankan real estate sector is strong.” He also said that they see the model of Dusit Thani Beachfront Balapitiya mixed development project as a successful one and a new concept for Sri Lanka. “The pricing is very attractive and the concept of managing by the owners and also giving a two week holiday for the owner per year too is attractive.”
He said that the Dusit Thani Beachfront Balapitiya model where they guarantee a return on investment of 6% too is very encouraging.”
Meanwhile Ajit Wijesinghe, Managing Director of Indola Group, developers of the Dusit Thani Sri Lanka, Beachfront Balapitiya had said, “The Sri Lankan Rupee has devalued more than 40% over the last 5 years, so effectively if you are receiving 13% from a local bank per annum and the rupee devalues 10%, then your actual earnings would only be 3% ( according to national statistics).
It is said that if one purchase a luxury Dusit Thani Beachfront Apartment at Balapitiya, Sri Lanka investments would grow.
In addition to this, we anticipate massive Capital Gains growth potential.”
The management guarantees a 6% return on investment per annum, paid in US$ for 5 years.
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