FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post
Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer


Latest topics

» ASSOCIATED MOTOR FINANCE COMPANY PLC (AMF.N0000)
by kanishkaecomm Yesterday at 10:12 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by SAGA Yesterday at 9:15 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by EPS Yesterday at 9:11 pm

» GLAS will be winner with Super Gain.
by Eranga87 Yesterday at 9:07 pm

» Top Foreign Trading today - 22/06/2021
by SAGA Yesterday at 8:50 pm

» TOP 20 LISTED COMPANIES BY FINANCIAL CHRONICLE™
by CHRONICLE™ Yesterday at 8:37 pm

» Daily Foreign Transactions update
by Pradeep90 Yesterday at 8:30 pm

» RWSL for short term profits
by madukp Yesterday at 5:17 pm

» YORK has a potential to go double ...
by Vasyan Yesterday at 5:07 pm

» United motors limited UML
by smnsam Yesterday at 2:43 pm

» dividend counters
by kanishkaecomm Yesterday at 12:43 pm

» HAYCARB PLC (HAYC.N0000)
by samaritan Yesterday at 11:33 am

» World-famous angel investor Conny enters Sri Lanka
by samaritan Yesterday at 10:00 am

» SINHAPUTHRA FINANCE PLC (SFL.N0000)
by kanishkaecomm Yesterday at 9:47 am

» ADAM CAPITAL PLC (PCHH.N0000)
by GayanKK Yesterday at 9:46 am

» New Commodity bubble. How will it impact the CSE?
by CHRONICLE™ Yesterday at 8:53 am

» MELSTACORP PLC (MELS.N0000)
by engineer Yesterday at 7:29 am

» R I L PROPERTY PLC (RIL.N0000)
by SAGA Mon Jun 21, 2021 9:57 pm

» Dividend - July/August
by High-flyer Mon Jun 21, 2021 9:41 pm

» SOFTLOGIC CAPITAL PLC (SCAP.N0000)
by madukp Mon Jun 21, 2021 9:08 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Dusit Thani Sri Lanka project halted?

Dusit Thani Sri Lanka project halted?

Go down  Message [Page 1 of 1]

1Dusit Thani Sri Lanka project halted? Empty Dusit Thani Sri Lanka project halted? Thu Mar 21, 2019 12:43 pm

ChooBoy


Manager - Equity Analytics
Manager - Equity Analytics
ECONOMYNEXT – China’s Sino Great Wall International Engineering has got the contract to build a high-rise five-star beachfront property in southern Sri Lanka under the brand of Dusit Thani, Thailand’s hotel and property development company.

Dusit Thani Sri Lanka is promising investors estimated returns of 8% a year or guaranteed returns of 6% net paid quarterly in US dollars for five years on its apartments on a 500-metre strip on the Balapitiya beach. 

Buyers can lease back the apartments to Dusit Thani to manage with no ongoing costs. Owners get 21 day free stay each year and can expect potential capital gains.

 “One bedroom ocean-view apartments priced from US$244,000 cost less than comparable property in Bali or the Maldives,” said Ajit Wijesinghe, a director of Indola Group, developer of the Beachfront Balapitiya property with hotel management company Dusit International.

Construction on the first phase of the property, comprising 162 apartments, starts 20 March 2017 and will take almost two years, he told a news conference.  

“Balapitiya is one of the best beaches on the main tourist strip in Sri Lanka between Bentota and Galle,” Wijesinghe said. “The property is accessible from the southern expressway with a 90 minute drive from the Katunayake international airport.”  

“We sold one tower and are now selling the second tower which is going very well,” he added. “We are guaranteeing 6% return which is much better than what you get in other countries. In Australia you’d be lucky to get 1-2%.”

About one third of the buyers are locals, one third expatriates and another third foreign  investors, Wijesinghe said.

“We selected Balapitiya as we see a lot of growth potential in the southern beaches,” he said. “Thailand gets 30 million tourists a year and we have only two million. Sri Lanka has a long way to go. The only thing we don’t have is a luxury product down south.” 
 
Paul Dwyer, director of Indola Group, said they expect to earn $200 million from retail sales when the entire property on eight and a half acres is complete. 
 
Good beach front property on Sri Lanka’s southern coast was hard to get with the main road and rail track running close to the beach. 

“It took us four and a half years to get the land,” Dwyer said. “Free hold title is very hard to get.”

Dusit Thani Sri Lanka will earn money from apartment sales and a management fee. 

About 15% of the second tower has also been sold, Dwyer said. 

Single bedroom apartments will be rented out for at least $200 a night. 

Investors can buy penthouses for $3.5 million upwards. 

Billy Tang, Sri Lanka Branch General Manager of Sino Great Wall International Engineering Pvt Ltd. a listed firm on the Shenzhen stock exchange, said they built the RIU Resort Hotel Project at Ahungalla.

Sino Great Wall International Engineering has also built 100 five-star hotels in China, he added.



Last edited by ChooBoy on Thu Mar 21, 2019 12:45 pm; edited 1 time in total

2Dusit Thani Sri Lanka project halted? Empty Re: Dusit Thani Sri Lanka project halted? Thu Mar 21, 2019 12:44 pm

ChooBoy


Manager - Equity Analytics
Manager - Equity Analytics
Contractors have been dismissed and project is on hold. There goes my penthouse for $3.2mn. Good luck for this who bought apartments.

3Dusit Thani Sri Lanka project halted? Empty Dusit Thani Project has not halted Thu Mar 21, 2019 6:54 pm

sjbush


Stock Trader
I am happy to report the Dusit Thani project has not halted. I am the developers project manager and can confirm the the original contractor Sino Great Wall are no longer on the project however they have been replaced by China State who are one of the largest contractors in the world and they successfully completed several projects in Sri Lanka. During the change over works have continued on the project.

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sjbush wrote:I am happy to report the Dusit Thani project has not halted. I am the developers project manager and can confirm the the original contractor Sino Great Wall are no longer on the project however they have been replaced by China State who are one of the largest contractors in the world and they successfully completed several projects in Sri Lanka. During the change over works have continued on the project.
Good news in your first post.Welcome to forum.

5Dusit Thani Sri Lanka project halted? Empty Re: Dusit Thani Sri Lanka project halted? Fri Mar 22, 2019 11:44 am

ChooBoy


Manager - Equity Analytics
Manager - Equity Analytics
Mr Stephen Bush thanks for your reply. Can you explain us the reason why contractors were changed? Changing contractors is not a decision like changing clothes.

Also please let us know rhe current issues you have with BOI with regard to approvals.

Sponsored content


Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum