Wednesday Nov 06, 2024
FT
Wednesday Nov 06, 2024
Wednesday, 23 January 2019 00:00 - - {{hitsCtrl.values.hits}}
Sri Lanka’s luxury second home market is gaining traction as Serenia Residences moves closer every day, in keeping with their promise to hand over properties at the end of this year.
Promoters refer to Serenia Residences as Sri Lanka’s first purpose-built luxury serviced beachfront residences for Sri Lankan residents who wish to own a holiday property in their own country. Until now, most luxury holiday beachfront villas on the Southern Coast have been lapped up by international investors.
Serenia Residences Executive Director Sabina Karunanayake said: “There is a healthy demand for luxurious second homes. Sri Lanka needs second homes in the Galle area, which is the most developed Southern Coastal area, which is also within a short and smooth driving distance from Colombo. It is Serenia’s aim to develop Sri Lanka’s luxury freehold second home market.”
The second home market is a new concept for Sri Lanka. While New York has The Hamptons and multiple cities in Europe have their own countryside and seaside getaway spots, Sri Lanka has lacked niche and developed beachfront areas where people leave their primary property and head to a second home for the weekend.
“The second home market is not linked to the fortunes of the first home market. First homes are aplenty while second homes are short in supply,” Karunanayake said, responding to a question on the market’s performance.
Of the Serenia Residences sold to date, 65% have been sold to foreign investors and the rest to Sri Lankans.
Property prices and hotel room rates in the Southern Coast of Sri Lanka have been on an upward trend over the last three years. The rating by Lonely Planet of Sri Lanka as the number one country to visit in 2019 predicts that the trend of visiting and investing in Sri Lanka would continue to shoot up in the next few years as well, making Serenia Residences the ideal investment for discerning investors and home makers.
It is the developers’ aim to complete the entire Serenia Residences project worth Rs. 2 billion by the end of 2019 and they are confident of doing do. Serenia Residences start at $ 320,000 for a 2-Bedroom Residences Suite comprising of 1,307 sq. ft. ($ 245 per sq. ft.), while the most expensive being the Penthouse suite is priced at $ 1.1 million for the penthouse suite which has a floor area of 4,400 sq. feet. For more information call Latika on 0770 380 280 or visit www.sereniaresidences.com.
