Capitalising on the country’s booming leisure and real estate sectors, Dusit Thani Sri Lanka yesterday announced it would commence the first phase of the construction of the 8.5-acre apartment project in Balapitiya on 20 March with an investment of over $ 200 million.

The construction contract for the beachfront project in Balapitiya was awarded to Sino Great Wall International Engineering Ltd of China, a listed company on the Shenzhen Stock Exchange.

The agreement in this regard was officially signed by Indola Group Directors Ajit Wijesinghe and Paul Dwyer, Sino Great Wall International Engineering Ltd. Vice President Hans Ruxue and Dusit International Vice President of Development Rustom Vickers via a Skype link.

“The first phase of Beachfront Balapitiya, which consists of two high-rise buildings of 14 and 20 floors comprising 162 apartments, will commence construction on 20 March to be completed within 700 days. We hope to commence the second stage within the next year,” Indola Group Director Wijesinghe told journalists in Colombo.

Noting that they received an excellent response since the announcement of the project, he said that the 14-storey building of the proposed Dusit Thani Sri Lanka Beachfront Balapitiya has been sold already, stamping investor confidence for the project as well as for the real estate and leisure sector of the island.

According to him a fair mix of locals, expatriates and foreign investors has bought these apartments and the company is now in the process of marketing and selling the apartments in the second tower to interested investors.

“Investors receive a freehold title, guaranteed returns of 6% nett for five years per annum, paid quarterly in US dollars, the potential of approximately 30% in capital gains in two years and no ongoing costs. Additionally, apartment owners can avail themselves of a 21-day free stay per annum. With the success of Phase I, we also aim to open a few more sales outlets around the island,” he explained.

He said that although Sri Lanka’s southern coastal area had great potential for growth in real estate and leisure, the country was lacking the right tourist product to attract them, especially for families.

The beachfront project is Sri Lanka’s one and only luxury, high-rise beachfront investment apartments for local and foreign investors. Upon completion the project will boast of a promenade featuring 15 international restaurants, a café and bars, a luxury spa, sauna and gymnasium, a 2,500 m2 convention centre, a rooftop tennis court and a multi-faith chapel.

Awarding the construction to Sino Great Wall International Engineering, Wijesinghe said, marked a significant milestone for the project. “One of the reasons we chose Sino Great Wall International Engineering was their experience in building five star hotels around the world. This complements our vision to create luxury with Dusit Thani International.”

Sino Great Wall International Engineering Vice President Ruxue stated that they were delighted to be appointed as the contractor for the Beachfront Balapitiya, which has enables them to bring their skills and expertise to Sri Lanka.

“This project is a real boost to our reputation as a quality builder in South Asia. We look forward to delivering this iconic project, adding to our five star luxury portfolio,” he added.

Well-known projects by Sino Great Wall International Engineering include The Four Seasons Hotel Hangzhou China, Sheraton Thousand Island Lake China, New Port Project Qatar, Beautiful Crown Hotel Sanya, Sheraton Cross Gate Zhuhai, Zhuhai Marriot Hotel China and over 100 five star hotels around the world.

Read more at: DailyFT