WHO IS THE DEVELOPMENT TEAM?
The developer is Indola Group Pvt Limited. They are committed to delivering the first 5-star, hotel managed, freehold beachfront resort to the Southern Beaches of Sri Lanka at Balapitya.
Who is the building contractor?
China State Construction Engineering Corporation (CSCEC). They are the largest construction company in the world by revenue and the 14th largest general contractor in terms of overseas sales.
Who is the architect?
The architect is Design Team 3, based in Singapore. Design Team 3 is an architectural, design and planning consultancy firm, helmed by Hong Kong and Singapore trained Athula Amarasekera. Athula has over 28 years industry wide, specializing in Asia.
Design Team 3’s impressive portfolio includes more than 30 completed and 20 on-going projects in Singapore, India, Australia, Seychelles, Maldives, Thailand and the Middle East.
WHAT AM I BUYING?
You are purchasing a luxury apartment with a Freehold Title Deed in The Beachfront development. Your apartment will be managed by 5-star international hotel group Dusit Thani. The apartments are available for purchase with a leaseback to the hotel.
WILL MY APARTMENT BE FURNISHED?
All managed apartments come fully furnished. A furniture package represents approximately 8-10% of the purchase price.
HOW MANY APARTMENTS ARE THERE?
There are 526 apartments in total, comprising of 1, 2 & 3 bedroom apartments and 12 luxurious penthouses. They will be sold in 3 stages over an estimated period of 4 years.
Phase 1: 162 apartments – two towers.
Phase 2: International restaurants, cafes, bars and a conference and events centre.
Phase 3: 364 apartments – two towers and a 2500sqm convention centre.
WHO WILL MANAGE MY APARTMENT?
All apartments will be managed by 5 star international hotel group, Dusit Thani.
For over 65 years, Dusit International has been synonymous with world-class hospitality based on the traditional service style and artistry of Thailand.
From pioneering hospitality and education, to leading development in emerging destinations, Dusit International offers an encompassing range of hotel, resort, spa and educational experiences.
Today, each Dusit International hotel creates a personalised welcome under the brand promise that started it all: ‘the delivery of an experience that enlivens the individual spirit, no matter the journey’.
WHAT IS THE RETURN ON MY INVESTMENT?
Owners of managed apartments will receive a guaranteed 6% p.a return for 5 years paid in US dollars*.
CAN I USE MY APARTMENT AS A PRIVATE APARTMENT?
No. Apartments cannot be used for private occupation. All apartments will be managed by 5 star international hotel group, Dusit Thani.
WHAT FACILITIES ARE THERE?
Luxury facilities include; 24/7 concierge & left luggage facility, 24/7 valet, sea-view resident & guest lounge, all-day alfresco poolside dining with integrated antique house, BBQ with outdoor private dining/ function area, beachside bar with casual or theme dining, rooftop bar & alfresco-style dining experiences, private party area with BBQ, private party zone, residents’ private function area, infinity lap pool, splash pool, kids pool & play area, jacuzzi, pool bar, rooftop infinity pool, sundecks & sun-lounges, steam room with changing rooms, water beds, gymnasium, library & quiet zone with a link bridge to Tower A.
International bars & restaurants, international spa, convenience store, tourist & beachside essentials store and pharmacy.
Is insurance covered for all apartment owners individually?
Yes, each apartment is insured for building and contents insurance.
Are the contents of each apartment covered for breakages?
Yes, they are covered by the Dusit Thani under Fixtures, Fittings & Equipment provisions.
Will apartment owners lose their return when refurbishments of the hotel are carried out?
Income will not be affected at all during any refurbishments, which are expected every 8 or 9 years.
What is the total size of the land area?
What number of units are there in Stage 1 and Stage 3?
Stage 1 = 162
Stage 3 = 364
What is in place in case of Fire / Emergency escape plan?
There will be notices and diagrams in each apartment displaying the Emergency Procedure with a detailed escape route, as required by the Fire Department.
How many restaurants will Dusit have in each building?
One restaurant, bar and café plus 15 international restaurants located along the promenade.
How many elevators are there in each building?
Each building will have four elevators.
Will there be wheelchair access to each building?
WHAT ABOUT SECURITY?
The Beachfront will incorporate state of the art security systems including 24/7 monitored and recorded CCTV surveillance of all access points, monitored security sensors, plus (to be confirmed) 24 hour onsite security.
WILL I HAVE A VIEW?
All apartments have amazing, uninterrupted beach and ocean views.
IS THERE WI-FI AND CABLE TV?
All apartments will be cabled for telephone and high speed internet in the living room and bedroom spaces and will be linked into a central distribution centre for satellite television reception with owner-supplied decoders.
IS AIR CONDITIONING INCLUDED IN MY PURCHASE?
All apartments have air conditioning and ceiling fans included in the purchase price.
IS THERE A Corporate Body?
Yes. The Beachfront will have a Corporate Body.
ARE THERE ANY YEARLY FEES?
There are no on-going yearly maintenance or Corporate Body fees for apartment owners to pay as this will be paid by the Management company, Dusit Thani.
DOES THE PURCHASE INCLUDE VAT?
Currently VAT is not applicable.
*SUBJECT TO GOVERNMENT CHANGES
AS A PURCHASER WHAT OTHER PROPERTY TAXES APPLY?
Every purchaser, local or non-resident will need to pay a Stamp duty of 4%.
HOW DO I PURCHASE ?
1. Holding Deposit: US$5,000* upon booking/signing the reservation form.
2.) Second deposit: The balance to bring the deposit to ten percent (10%) of the purchase price is payable within fourteen (14) working days from the date of payment of the initial deposit.
3.) The balance of the purchase price together can be paid in a further ten (10) instalments as summarised in the Payment Schedule of the purchase agreement.
(*The purchaser will have the option to pay the whole deposit in one lump sum as agreed between the purchaser and the vendor.)
Can you clarify how the scenario would look should the SLK depreciate against the USD after purchasing in USD?
It is the USD rate on the date the payment is made.
What is the Return Calculation formula? (i.e. how can you offer 6% guaranteed return?)
This is based on the average daily rate and the occupancy rate.
Do you offer any Developer Loan schemes?
We would look at this on a case-by-case basis.
Do you have agreements with any local banks for mortgages?
Yes: HNB and Seylan Bank.
Since you are a BOI company, the government should have given you a cap on how much tax they can implement on your project. What is this figure?
We are tax-exempt.
What is the rental income tax rate in Sri Lanka?
This depends on the individual and personal circumstances such as gross rent received, availability of other income, rating assessment of the apartment and the number of other properties they may own [info provided by KPMG].
Can you transfer the rental income to any account overseas?