56% of Dusit Balapitiya apartments presold S’pore Central Bank Chief Economist among buyers

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By 2017-12-08

56 per cent of Dusit Thani Sri Lanka's US$ 200 million beachfront apartments in Balapitiya were pre-sold, indicating increasing foreign interest in the project, revealed the project developer, Indola Group.

Addressing a press conference yesterday, Indola Group Director Paul Dwyer said, a majority of tourism developments are focussed in Colombo, while the more touristic destinations, such as those in the South, are ignored and lack 5-star rooms. Furthermore, as he pointed out, room prices are very high in Sri Lanka compared to the rest of the region.

He emphasized that although Sri Lanka has more natural beauty to offer than major tourism markets such as Thailand – which is set to attract 39 million visitors this year – the sector does not offer sufficient activities for tourists to indulge themselves during their visit.
Indola Group Director Ajit Wijesinghe said that Dusit Thani Balapitiya will be the first integrated resort in Sri Lanka, which will have 12 international bars and restaurants, a 2,500 sq ft convention centre to accommodate over 1,000 people and international retail brands, five swimming pools, including a rooftop infinity pool, a rooftop tennis court, a multi-faith chapel, and 24/7 concierge, luggage, security and valet services.

Commenting on the foreign-driven property market, Dwyer said that the Colombo property market is likely to stagnate in coming years, due to oversupply of hotel rooms and apartment units which are set to be released to the market within next 2 years. He also revealed that Dusit Thani is interested in establishing a hotel training school in Sri Lanka to train prospective employees for their properties in the region. Indola Group is also planning to commence their second project soon, which is currently awaiting Government approval.

He noted the growing foreign investor interest towards Sri Lanka, revealing that the Central Bank of Singapore's Chief Economist, Taimur Baig, also recently purchased an apartment unit in Dusit Thani's Beachfront Balapitiya project.
Dusit Thani had already pre-sold the 14-floor beachfront tower, which consists of 44 apartments, to Sri Lankan expatriates and foreigners from countries including Australia, UAE, Japan, UK and Singapore by mid this year.

Wijesinghe added that the property, spread across 12 acres of beachfront, includes a kilometre-long stretch with direct access to the beach. In addition, focusing on green development, Dusit Thani also plans to have its own sewage plant to dispose waste within the premises.

Dusit Thani plans to implement their own tourism strategy to attract tourists to their 560-unit property without relying on the Government's tourism promotional efforts, according to Wijesinghe. Dusit Thani also plans to promote MICE tourism, such as attracting Indian wedding tourism to their property.

The five-star property is designed by Singaporean architectural firm Design Team 3 and will be managed by Thai hotel and apartment operators Dusit International, with the support of Indola Group. The first stage of Dusit Thani Balapitiya is set to launch by February 2019, while the developers expect the project to be fully launched in 2021. The construction of the project is contracted to Great Wall International Engineering Pvt Ltd (SGW) from China.

He emphasized that although Sri Lanka has more natural beauty to offer than major tourism markets such as Thailand – which is set to attract 39 million visitors this year – the sector does not offer sufficient activities for tourists to indulge themselves during their visit.
Indola Group Director Ajit Wijesinghe said that Dusit Thani Balapitiya will be the first integrated resort in Sri Lanka, which will have 12 international bars and restaurants, a 2,500 sq ft convention centre to accommodate over 1,000 people and international retail brands, five swimming pools, including a rooftop infinity pool, a rooftop tennis court, a multi-faith chapel, and 24/7 concierge, luggage, security and valet services.

Commenting on the foreign-driven property market, Dwyer said that the Colombo property market is likely to stagnate in coming years, due to oversupply of hotel rooms and apartment units which are set to be released to the market within next 2 years. He also revealed that Dusit Thani is interested in establishing a hotel training school in Sri Lanka to train prospective employees for their properties in the region. Indola Group is also planning to commence their second project soon, which is currently awaiting Government approval.

He noted the growing foreign investor interest towards Sri Lanka, revealing that the Central Bank of Singapore's Chief Economist, Taimur Baig, also recently purchased an apartment unit in Dusit Thani's Beachfront Balapitiya project.
Dusit Thani had already pre-sold the 14-floor beachfront tower, which consists of 44 apartments, to Sri Lankan expatriates and foreigners from countries including Australia, UAE, Japan, UK and Singapore by mid this year.

Wijesinghe added that the property, spread across 12 acres of beachfront, includes a kilometre-long stretch with direct access to the beach. In addition, focusing on green development, Dusit Thani also plans to have its own sewage plant to dispose waste within the premises.

Dusit Thani plans to implement their own tourism strategy to attract tourists to their 560-unit property without relying on the Government's tourism promotional efforts, according to Wijesinghe. Dusit Thani also plans to promote MICE tourism, such as attracting Indian wedding tourism to their property.

The five-star property is designed by Singaporean architectural firm Design Team 3 and will be managed by Thai hotel and apartment operators Dusit International, with the support of Indola Group. The first stage of Dusit Thani Balapitiya is set to launch by February 2019, while the developers expect the project to be fully launched in 2021. The construction of the project is contracted to Great Wall International Engineering Pvt Ltd (SGW) from China..

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