Crystal Property Group gets Rs. 180 m investment from global firm

Thursday, 16 January 2020 02:22 - - {{hitsCtrl.values.hits}}

From left: Crystal Property Group Directors Dr. Dinuk Jayasuriya, Reza Magdon-Ismail, Kumar Sangakkara and Brett Negus

Crystal Property Group Ltd. (CPG), the developers of Sri Lanka’s first boutique condo hotel Crystal Sands – Villas in the Sky (www.crystalsands.lk), successfully raised a Rs. 180 million equity investment from a Singapore-based investment firm focused on coastal real estate development.

With this investment, CPG will focus on further growth opportunities in Sri-Lanka’s real estate space.

CPG Chairman and Director Kumar Sangakkara said: “I’m excited about this new investment. Our focus for CPG is to be recognised as a trusted brand that delivers projects of true value, furthering Sri Lanka’s positioning as a premier destination with multiple real estate investment opportunities.”

CPG Founder and Director Dr. Dinuk Jayasuriya said: “When I founded the company in 2016, as a Sri-Lankan Australian, my vision for CPG was to drive forward the potential of Sri-Lanka’s real estate and create a positive impact on the Sri-Lankan economy. With this strategic investment, we can come closer to realising this goal.”

CPG CEO Reza Magdon-Ismail said: “This strategic partnership provides us with a strong platform to establish our first development, Crystal Sands, as a premium product in the serviced condominium space. With construction successfully underway, we are now focused on ensuring a finished product of the highest standards and establishing an operational and service model that provides a first-class experience to anyone that visits our Villas in the Sky. With this foundation in place, we are now looking ahead with intent, to develop multiple real estate assets that generate attractive yields and experiences for CPG, our investors and end users.”