Villa Development - Port City

Description :

Project Name :
Port City - Villa Development
Proposed Project Description :
Luxury landed villa development /gated community with luxury amenities and facilities for villa owners / occupants

Plot 2-01-01 is a Residential 1 plot in the Island Living District with a site area of 108,944.02 Sq.m. The development has an exclusive setting with waterfront and peaceful surroundings.

The Island Living District is predominantly a residential area surrounded by the sea, the beach waterfront, the canal and the central park as leisure areas for the residents.

The residential plot caters to villa development offering luxurious lifestyle with private waterfront and exclusive environment with the view of the Indian Ocean. The ocean view development will host club house with gymnasium, spa, media room, terraces and other premium facilities.
Expected investment :
Approx. Estimated USD 362.5 Million (including land lease and development) (Market research suggests it could be mix of 3 – 6 BR villas on plots of 15 – 60 perches each with built up areas of up to 10,000 sf. Based on this, project value of $ 450m is derived at an average selling price of $ 750 psf)
Expected method of partnership :
Foreign investors are permitted 100% ownership of real estate investment. Project Company is able to facilitate potential partnerships with interested parties locally and internationally, if required.
Employment generation :
NA
Market potential :
High. Colombo has been consecutively ranked as South Asia’s Best City to Live in by Mercer, reflecting Colombo’s attractiveness for businesses and mobile talent. Sri Lanka also offers a substantial pool of high quality human capital and competitive costs of doing business. Port City Colombo is expected to further enhance this appeal as a master-planned urban development. Following factors are expected to accelerate the roll-out of Port City: A Special Economic Zone law to promote economic activity in the Service Sector (Offshore banking, regional Head quarter operations, ICT, knowledge and tourism related services). Promote collaborations with international professional service companies to foster innovation and talent development. Prioritize government initiatives and incentives and investment into the most attractive priority sectors. Potential for growth in city tourism with currently a minimum presence of global hotel operators. Low rate of urbanization in Sri Lanka (18%) and low penetration of condominium living (10%). Lack of sizable land parcels for development in the existing CBD – particularly in close proximity to the beach and with access to modern high quality infrastructure.
Payback period :
NA
Period to commence commercial operation :
N/A
Current status of the project :
Available for investment
Common infrastructure and utility availability :
Temporary utility facilities (electricity/ water) and access to sites are available as at date to commence construction. Permanent utility connections will be provided by June 2022.

The Port Access Elevated Highway, connecting the Bandaranaike International Airport to Port City within 25 minutes, is under construction and is expected to be completed by September 2022. This will also connect Port City to the National Expressway network.

Port City is located in the heart of Sri Lanka’s capital, adjoining the Port of Colombo and in close proximity to the main railway and bus stations in Colombo.
Geographical Location :
6°56'04.7"N 79°49'28.2"E
Land Extend :
Sri Lanka
Estimated Land value :
Market prices to be negotiated based on project proposal
Land Agreement/ownership :
99 years lease from the Government of Sri Lanka. Condominium units can be transferred on a free hold basis
Benefits to the Investor :
Depending on the size of the investment, Income tax holidays for up to 25 years and a waiver of border tariffs & sales taxes on construction material (Developer cost savings of 30% - 40%).

Dividends to non-resident entities are exempt from income and withholding taxes.

Property and wealth taxes are also not applicable in Sri Lanka as at date.

Sri Lanka also has avoidance of double-tax treaties with 46 nations.

Permits 100% repatriation of capital and profits.

Access to talented human capital of a 92% literacy rate; 30% lower costs in comparison with the other outsourcing destinations.

Port City is expected to be declared as a Special Economic Zone for services, with enhanced fiscal incentives and simplified processes for investment and conducting business. Further details will be provided during the presentation.
Contact details :
(Name, Designation, Institute, Telephone, Email, Website)
Ms. Yamuna Jayaratne
Director-Sales and Marketing, CHEC Port City Colombo (Pvt) Ltd
+94764548583
yamunaj@chec.lk