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BACK TO PRESS Feb 14, 2018

Real estate sector, Serenia Residences

Real estate sector, Serenia Residences

Q: Could you describe the demand for resort style homes?

A: Segments of domestic buyers have already bought apartments or multiple properties in Colombo, and there are Sri Lankan expatriates and foreigners who intend to invest in holiday retreats. This is an opportunity to offer a resort style setting to those who are interested in portfolio diversification.

Serenia Residences’ slogan – ‘Welcome to Resort Living’ – conveys our belief in the need for properties on the beach in the south where residents of Colombo can vacation without any reservations. Based on their property size, beachfront villas in Talpe (not far from Galle) could cost between US$ 1 million and US$ 5 million but we’ve made it possible to offer fully serviced beachfront residential apartments starting at 290,000 dollars.

Q: What should be considered when buying a second home?

A: As with all real estate, location is key. Rental income isn’t the top priority but it is crucial for many buyers. An example is Talpe – an expensive beachfront realty in Sri Lanka where property prices have appreciated by 500 percent since 2013.

Price and time are important factors. South coast developments range from US$ 180 to US$ 400 a square foot, which makes Serenia Residences an attractive investment in Talpe – the ‘million dollar golden mile’ – Sri Lanka’s most expensive beachfront real estate.

Annual rental yield and capital appreciation can make these rewarding investments. Serenia Residences launch prices start from 210 dollars a square foot for spacious 1,382 square foot ‘2 Bedroom Residence Suites,’ which offer a minimum annual yield of between seven and 15 percent in capital appreciation on a year on year basis.

Citizens and foreigners can obtain freehold titles. And although foreigners can only acquire residences above the third floor at present, a new law will remove this restriction in April.

Q: How does Serenia Residences differ from its competitors?

A: A few market players are attracting attention to the south with resort living formats; and permanent ownership is becoming an attractive option to booking hotels.

Serenia differs from its competitors because it is one of the first ultra-premium beachfront mixed development projects on the south coast with about 100 metres of private pristine beach access.

We aim to offer exclusive residences with the largest apartments in their class. Residences are designed as two unit concepts with bedroom suites and deluxe bedrooms with separate entrances from a corridor – this will enable separate renting of ‘2 Bedroom Residence Suites’ and ‘3 Bedroom Sky Villas’ for higher ROIs whilst ensuring residents’ privacy.

We facilitate property investments by friends and families through companies and share allocations. A leading local engineering company has been engaged to install European fittings and fixtures.

Q: What features will Serenia Residences offer?

A: We’re pursuing a boutique approach – 47 beachfront residential apartments will offer five-star boutique hotel services at no additional cost.

There will be a 24 hour attended lobby and concierge, room service, security and maintenance.

Amenities will include seafood and all day dining restaurants, a tea and champagne bar, a getaway spa, an infinity pool, a wet bar, heated Jacuzzis, a fitness centre, child daycare and 100 metres of private beachfront skirting the ocean.