Sri Lankan migrants promote investment in Australia

Three Sri Lankans in Australia who have floated a company in that country - Dwellings Property Group Pty Ltd - are now offering opportunities to Sri Lankans to invest in Australia and assures good returns.

At a media briefing in Colombo last week Navin De Silva, Director, Dwellings Group said that terms of investments in Australia are that three quarters (75 per cent) of the pledged amount of investment could be obtained as a loan from the banks in that country at very low interest rates as 5 per cent, compared to high interest rates in Sri Lanka of 10 to 12 per cent.

Mr De Silva, on the sidelines of the briefing, told the Business Times that already around 20 investors from Sri Lanka have pledged to invest at the rate of Australian$350,000 to $ 500,000. He said they would be canvassing a cross section of the investor community in Sri Lanka and was hopeful that they would have a large number of investors from Sri Lanka. He told reporters that if one wants to say invest $4,000, the person needs only $1,000 and the balance $3,000 could be obtained as a loan. He said that once the monies are invested in Australia after the lapse of around three to four years the investor can bring their invested money home. He said that they are one of the leading property development companies and they undertake large property development projects and they have properties all over Australia. They now seek investments to develop properties in Melbourne. They have employed, he noted, one of the best known architects - Karl Fender to develop Fulton Lane, Melbourne and indicated that they hope to bring down Mr. Fender to Sri Lanka to explore the possibility of property development in Sri Lanka too.

He said that Melbourne is said to be the world's most livable city and offers buyers the ideal investment. With genuine infrastructure, the city is not just a place for business and shopping but it is becoming a great place to live.

Dwellings Group, Mr De Silva asserted is a one-stop-shop for investors and the services.

The other Sri Lankan directors are: Sanjika Abeyratna and Theekshana Somaratna.