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Sri Lanka’s real estate and construction industries continue stoically, post Easter Attack

(PRESS RELEASE) – Sri Lanka’s construction sector which ranks as the 5th highest in the nations GDP earnings, after Services, Manufacturing, Agriculture and Utilities continues unhindered. The sector reports continued interest from local and international buyers who believe “Sri Lanka will bounce back”, from the recent Easter Sunday attacks that took place on April 21 2019.

Head of Sales and Marketing, Elysian Realty (Pvt) Ltd, Mr. Buddhika Jayasinghe, commenting on the current state of real estate in Sri Lanka, noted, “Sri Lanka is a nation of diversity, it is a nation of tolerance and learning, it is a nation that has overcome adversity starting from its independence in 1948. We are a land like none other, that has been gifted with so many natural resources, free education, free healthcare, the opportunity to grow and learn in a truly diverse atmosphere, and we are all proud to be Sri Lankan. It is with this understanding and maturity that we as a nation will continue to rebuild, show compassion and kindness and continue to make our nation great. Speaking on behalf of Elysian Realty, I strongly confirm that we will continue to trust in our partners and stakeholders, regardless of race, religion or class. We will continue forward, as a vigilant nation putting safety above all else, striving for continued growth for our nation as a whole.”
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Sri Lanka BoI sign USD1.6Mn Yala hotel deal with Spanish firm

The Board of Investment of Sri Lanka signed an Agreement with Putus Brother’s Sustainable Developments (Private) Limited to build, construct and operate a 15 cabana hotel project in Palatupana, Yala.

The total value of the project is US 1.6 million dollars.

The project will consist of 43 luxury cabanas in Yala and initially, 15 cabanas will be built with 4-star luxury.
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Sri Lanka signs $4.5mn foreign hotel investment after Easter Sunday terror

Sri Lanka’s Board of Investment has signed an investment agreement with Sundara (Pvt) Ltd, which will develop a 4.5 million US dollar boutique hotel on the country’s south coast.

“When the tourism industry is faced with setbacks, the significance of this investment is that there is greater confidence on Sri Lanka’s economy and tourism sector,” Board of Investment Chairman Mangala Yapa said.

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Sri Lanka to give UK tourists free visa on arrival for six months

UK visitors to Sri Lanka can get a free visa from 1 May 2019.

The South Asian country is rolling out free visas on arrival for citizens of 36 countries in total.

The scheme will initially run for six months, but could continue if the move significantly boosts tourist numbers.

A 30-day double-entry visa for British tourists currently costs £27.

Before the new rules come into play, visitors can only get a free “transit” visa if they pass through Sri Lanka and stay for no more than two days.
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Korea Eximbank to conduct feasibility study to establish land information service system

Recognizing the importance of efficient land management and its contribution to the economy, the Korea Eximbank is financing a comprehensive feasibility study to establish a Land Data Infrastructure (LDI) and Land Information Service System (LISS) in Sri Lanka as a grant under its technical assistance scheme.

The Export-Import Bank of Korea (Korea Eximbank) is the entrusted government agency of Economic Development Cooperation Fund (EDCF).
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Fairway Galle wins at Asia Pacific Property Awards 2019 – 2020!

Fairway Holdings has been recognised at the Asia Pacific Property Awards 2019 – 2020 for its luxury apartment project, Fairway Galle in the Residential High-Rise Development category for Sri Lanka.The official presentation of Awards will be at the Marriot Marquis Queen’s Park, Bangkok on 14th and 15th May 2019.

The country level awards will be presented at the IPAX Awards Networking event which will be followed by a gala dinner and the announcement of the regional nominees on the evening of 15th May 2019.

The Asia Pacific Property Awards are judged by an independent panel of over 80 industry experts, focusing on design, quality, service, innovation, originality, and commitment to sustainability. The judging panel is chaired by Lord Caithness, Lord Best, the Earl of Liverpool, and Lord Thurso, all members of the House of Lords in the UK Parliament.
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Sri Lanka ranked top country for travel in 2019 by Lonely Planet

Almost 10 years after the end of its civil war, Sri Lanka has been named the best country in the world to visit in 2019 by Lonely Planet. Better transport links, new hotels and a growing number of activities were cited as the reason the south-Asian island was chosen for the top spot in the guidebook publisher ’s annual Best in Travel awards.

“Already notable to intrepid travellers for its mix of religions and cultures, its timeless temples, its rich and accessible wildlife, its growing surf scene and its people who defy all odds by their welcome and friendliness after decades of civil conflict, this is a country revived,” says Lonely Planet author Ethan Gelber in the Best in Travel 2019 book, published today.
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Tourist arrivals to Sri Lanka up 17-pct in November despite political crisis

Dec 07, 2018 (LBO) – Tourist arrivals to Sri Lanka were up 16.8 percent to 195,582 in November from a year earlier despite the current political uncertainty in the country, official data showed.

The largest source market for tourists is reported from India, followed by the United Kingdom and China and almost 94 percent of tourists travelled by air to Sri Lanka.
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Wattura Resort & Spa set to open in Sri Lanka

Wattura Resort & Spa will open next month as the first wellness and family boutique resort in Sri Lanka.

Located just under a 30-minute drive from the International Airport in Negombo, Wattura comprises 27 villas and suites located on a pristine swathe of sand, between Waikkal Beach and the Gin Oya Estuary.

Wattura means water in Sinhalese and the resort has been conceived as a tribute to Sri Lankan culture and its strong associations with water – celebrating life, abundance and health.

Privacy is core to the guest experience and accommodation choices include the Deluxe Suite, Gin Oya Suite, Wattura Villa or the avant-garde Wattura Residence.
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Japan’s Belluna says will invest US$ 500mn in Lankan real estate, hospitality sectors

Belluna Co., a Tokyo Stock Exchange – First Section listed company, and a significant player in the global real estate industry said, it would invest up to US$ 500 million in Sri Lanka’s real estate and hospitality sectors.

Belluna recently launched the ultra-luxurious resort, Le Grand in Galle together with local investment bank, Asia Capital PLC.

With the construction of luxury condominium ‘447 Luna Tower’ on schedule for completion by 2020, Belluna and Asia Capital are now focused on a mixed development project in Colombo 01.
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Oxford Business Group gets insights to Sri Lanka’s property sector from CDASL Chief Moraes

Less than 10% of investors in Sri Lanka’s luxury residential property developments are foreigners because purchase of residential property is not as yet linked to residency privileges, the internationally-acclaimed global leader in Business Intelligence Oxford Business Group (OBG) reported recently.

Quoting the Condominium Developers Association of Sri Lanka (CDASL) Chairman Pradeep Moraes in an interview, OBG said 60 to 65% of buyers of luxury residential property are Sri Lankans already living in the country, and around 25 to 30% are expatriate Sri Lankans.
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Investors cautioned on Sri Lanka light rail property price impact

ECONOMYNEXY – A light rail transit (LRT) system planned for Sri Lanka’s capital Colombo could inflate property prices and rents along the route but investors should be careful in accepting price rise projections, a property consultancy said.

Already, the suburb of Malabe, where one terminus of the LRT into Colombo’s main business district will be located, enjoys projected, year on year land price increases of 16%, Jones Lang LaSalle (JLL) said in a report, citing online data.

The price per perch in Malabe was already approaching a million rupees, they said.
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