Dusit Thani Sri Lanka held their ground breaking ceremony on the 3rd of April, 2017 to celebrate the start of construction of The Beachfront Balapitiya, luxury, high-rise investment apartments to be built on 8.5 acres of land with 500 meters of pristine beachfront in Balapitiya. The project consists of 3 stages with stage 1 of the project to be completed by the first quarter of 2019.
The construction will be carried out by Sino Great Wall International Engineering from China who has experience in building 5 –star hotels and apartments around the world. The Ground breaking ceremony was held at an auspicious time with the blessing of Buddhist monks in attendance of Mr Ajit Wijesinghe and Mr Paul Dwyer, Directors of Indola Group and Mr Hans Ruxue, Vice President and Mr Billy Tang, Sri Lanka Branch General Manager from Sino Great Wall International Engineering Co, Ltd.
During the event, Mr Ajit Wijesinghe expressed his delight and said that his vision had finally come true. He said that Indola Group had the vision for this project 6 years ago and are delighted to be able to provide 5-star hotel apartments on the beautiful coast line of Sri Lanka, bringing world-class International standards to the Balapitiya region, along with creating much needed employment in the area.
He continued, “We knew that tourism would grow after the civil war ended as Sri Lanka is positioned in a great location and infrastructure, such as highways, would be built soon. Tourism is an important industry in the Sri Lankan economy and our project will enhance this by creating cash flow into the country”.
Mr Wijesinghe commented that the time for investment in Sri Lanka is opportune and very lucrative at the moment. He said, “Foreigners are willing to invest in a project which gives them a guaranteed return as well as a location for their personal holidays. They focus on investment and leisure. We and the country benefit by their investments. The support from the government has been very encouraging to launch a project like this”.
The Beachfront Balapitiya project is developed by Indola Group Pvt Ltd and managed by Dusit Thani International. It will consist of 4 apartment towers with 526 apartments, 4 secluded beaches, 5 luxury swimming pools and a stunning sea view promenade featuring 15 international restaurants, bars, cafés, luxury spa, sauna and gymnasium.
Every facility is provided to ensure the ultimate luxury experience to guests and to achieve the maximum return for investors. The classic architecture of the project reflects Sri Lankan architecture, where natural ventilation and open view provide guests the opportunity to live with natural beauty. All apartments are designed with large terraces facilitating this. Dusit Thani’s world class management style is known for its emphasis on pampering and well-being. Along with the fact that The Beachfront is the only development on the south-west coast of Sri Lanka which can accommodate large-scale events, it truly is going to become the “go-to” destination.
Mr Paul Dwyer added, “We are extremely excited and proud of our project. We selected a beautiful beach location because that in itself is a luxury which most countries do not have. Tourists love to spend their time on the beach. Our project is the total package of opportunity, location, luxury and return on investment. We look forward to further contributing to the city’s tourism boom and welcoming visitors to the Dusit family”.
The Beachfront guarantees significant returns to its investors of 6% net per annum for a period of 5 years which is paid in USD quarterly. In addition to this every apartment owner can enjoy 21 days free stay, per year. Each apartment has its own Freehold title and there are no on-going costs for owners. The developers anticipate an expected 30% increase in the capital value of the apartments over next 3 years. Investing in The Beachfront is particularly attractive for foreign investors as it is the only project of its kind that they can legally own.
The Beachfront Balapitiya is another shining example of Dusit Thani portfolio. Dusit Thani is a 5-star brand which has an international portfolio of distinctive hotels and apartments including 25 in Asia Pacific, the Middle East and Africa with 22 new hotels and apartments planned for completion within the next 5 years. The Dusit Thani Sri Lanka Beachfront Balapitiya will bring it to 48 in total. “With this positive milestone, we are delighted Dusit Thani Beachfront Balapitiya construction is on track and we look forward to operating this unique property when complete.” said Ian Brewis, VP Technical Services & Design of Dusit International.
Monday’s Ground breaking kicked off with a live feed from the construction site. The construction is now under way and the project will be fully completed by 2020.