First 60 units of ‘The One’ sold to overseas Sri Lankans, businessmen here
While the demand for residential properties is on the rise despite the upcoming 10 per cent capital gains tax and 15 per cent VAT, Sri Lankan millionaires living overseas and some high end businessmen in the country have purchased the first 60 residential units of the luxury landmark development ‘The One’ in Fort.
The three tower property which is believed to exceed US$ 500 million investment costs a minimum of US$ 765,000 per residential apartment unit.
Top businessman Alex Lovell, key stakeholder of the project, at the launch of the development in Fort on Tuesday, said, “The landmark development ‘ The One’ caters to the demand of foreigners looking for investments in Sri Lanka. Today the average spending of a tourist per day is around US$ 166 according to figures released by the government and it is expected to increase to US$ 225 in the coming years.” Phase one of the project was only open to locals to purchase whereas phase two will be open for foreigners to invest, he added.
He also mentioned that lot of foreigners and Sri Lankans living over- seas are eyeing to buy properties in Sri Lanka. The location of ‘The One’ in Fort is a demand driven centre of attraction for the high prices, he noted.
On the sidelines of the launch, Mr. Lovell told the Business Times that the project commenced piling work in September last year and has now reached up to the sixth floor of the property. “One floor is built within five days,” he noted.
The construction of the development is taking place on the previous controversial Krrish Square land. The land is on a 99-year lease taken by The One Transworks (Pvt) Ltd.
On a land area of 4.3 acres, there will be 638 apartments while the project will also generate over 3000 direct employment opportunities. Phase one of the project will be completed by December 2021.The apartments range from 1700-4000 sq. ft at US$ 450 per sq. ft., comprising two to four bedrooms.
China Construction Design International Group is the architects of the project while the construction, management and marketing is handled by the Zhongtian Construction Group. Two of the towers will be managed by The Ritz- Carlton Residences and JW Marriott Hotels.