Sanken outlines potential for capital gains, rentals in Sri Lankan market
ECONOMYNEXT – Sri Lanka’s property market is expected to yield good capital gains as well as higher rental yields this year, according to a senior official at Capitol TwinPeaks, the residential venture of the Sanken Group.
“Since the close of Sri Lanka’s 30-year civil war in 2009, Sri Lanka industries such as healthcare, real estate, and travel and tourism experienced the highest growth,” said Rohana Wannigama, Managing Director of Capitol TwinPeaks.
According to the KPMG Sri Lanka Real Estate Report 2018, the next 2-4 years show an expected 6000-plus units to enter the market, he told the RIU Forum held at Male in the Maldives by Research Intelligence Unit (RIU).
It was part of an ongoing effort by RIU to connect Sri Lankan businesses with the global diaspora and foreign investors looking to invest in Sri Lanka.
Wannigama said 2019 is expected to be a remarkable year to invest in Sri Lanka’s property market, with tripled capital gains in the subsequent seven years as well as higher rental yields upon completion of a project.
Capitol TwinPeaks, located on the Beira lakefront in Colombo 2, showcased their main project at the RIU Forum.
Sanken has built several high rises around Sri Lanka with over 17 subsidiaries complementing the company’s overall expertise in real estate.
Sanken Overseas as the International arm of the group is present in 12 countries, including the Maldives.
Sanken Overseas has operated in the Maldives for over 25 years with properties such as the 35 million US dollar Westin Maldives, Mirihandoo Resort and the 120 room Amari Havodda Resort which was completed in 14 months.
Forthcoming projects include the 46 million dollar Ritz Carlton, Rah Falhu Huraa Resort, and the JW Marriott at Kaafu Atoll.
(COLOMBO, March 05, 2019-SB)