Sanken lead discussion on Sri Lanka’s real estate potential for residents of the Maldives
Capitol TwinPeaks, the flagship residential venture of the Sanken Group, located on the Beira lakefront in Colombo 2, showcased its premium project at the RIU Forum held at Hotel Jen, Male on 4 March.
The Forum hosted by the Research Intelligence Unit (RIU) is part of an ongoing and sustained effort to connect Sri Lankan businesses with the global diaspora and foreign investors looking to invest in Sri Lanka.
Sanken Construction, Sanken Overseas and Capitol TwinPeaks were present at the event as titans of industry presenting the current status and future potential of real estate in Sri Lanka.
Speaking at the event, Capitol TwinPeaks Managing Director Rohana Wannigama said: “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. The Sri Lanka Tourism Development Authority recorded an outstanding 2.33 million tourist footfall, just last year, with December having an approximate 4.4% increase compared to December 2017. According to the KPMG, Sri Lanka Real Estate Report 2018, the next two to four years show an expected 6000+ units to enter the market. 2019 is expected to be a remarkable year to invest in Sri Lanka’s property market, resulting in tripled capital gains in the subsequent seven years as well as higher rental yields upon completion of a project.”
Sanken is synonymous with several landmark 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 across three continents, including the Maldives. Sanken Overseas has operated in the Maldives for over 25 years and has been at the helm of award-winning properties such as the $ 35 million Westin Maldives, Mirihandoo Resort; the 120 room Amari Havodda Resort which was completed in a record-breaking 14 months; as well as upcoming projects, such as the $ 46 million Ritz Carlton, Rah Falhu Huraa Resort; and the JW Marriott at Kaafu Atoll.
As more Maldivian businesses and entrepreneurs become actively engaged in real estate investment in Sri Lanka, as their preferred second home destination, with a population estimated at 11,000 to 16,000 in Sri Lanka; with 76,000+ visitors in 2018 (RIU research statistics), the forum will act as a platform to further local investment knowledge and Sri Lanka’s prowess in international markets.
