Blue Ocean Group of companies has invested Rs. 1.4 billion to build their newest condominium project, the Blue Ocean at Layards Road, Colombo 4.
Blue Ocean Group Chairman S.Thumilan said they have already sold 20 apartments at the ground breaking event yesterday. “We see a great demand for quality apartments built by reputed companies and this is the reason we invested for this project.”
He said that they will complete the 14 storey luxury condominium complex in 18 months and is confident that all 50 apartments will be sold out by the end of the year.
Thumilan said there is an apartment boom and he forecasts around Rs. 6,500 billion or nearly US$ 43.3 billion high-value sector projects to take off the ground in Sri Lanka in the next five years. He said that the recent budget proposal allowing foreigners to own free hold land and also purchase apartments under five floors will also lead to more FDI’s to the country.
“It will also help to convert Colombo city into the investment nerve-centre and economic hub of South Asia.’
“Overall, optimism reigns high in Sri Lanka in particular and in Asia Pacific in general, with capital inflows into our economy expected to increase during 2017, providing a much-needed boost to the country’s burgeoning property industry.”
Thumilan said that an increasing number of purchases are through repeat customers or referrals channelled through existing customers. (DJ)
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