Serenia Residences urge investors to save and gain 15%

Thursday, 21 March 2019 00:17 - - {{hitsCtrl.values.hits}}

Serenia Residences, a private collection of 47 beachfront residences focusing on unparalleled amenities and boutique hotel-style services in Talpe, Galle, urge those who wish to own a unique beachfront residence to make their deposits prior to 25 March.

“As per the Budget 2019, condominium units will be subject to VAT with effect from 1 April. However, VAT will not be payable in respect of condominium units where sales and purchase agreements have been entered into prior to that date. Hence we urge investors to sign and register their sales and purchase agreements with us by making a deposit of $10,000 before 25 March,” said Serenia Residences Strategic Design & Marketing Executive Director Sabina Karunanayake.

Customers who invested in Serenia at the time of the launch of the project are already enjoying 25%-30% capital appreciation on the current price of a similar unit. “We anticipate that at the time of completion, the development will give customers who buy a unit this month a 30-35% USD capital appreciation plus the 15% saving from the VAT, which will account for approximately a 50% increase in USD capital appreciation,” said Karunanayake.

Due to the unique concept and location of the project, combined with the limited number of units available, the prices are increasing every 3-4 months by 15%.

The budget also confirmed that foreign investors will obtain Residential Visas if they invest $400,000 or more in condominiums. This process will be implemented this year. An up-market luxury development such as Serenia Residences will always have a very good resale value as foreign investors will be always keen on owning an asset such as Serenia Residences due to its prime location on the southern coast of Sri Lanka and its unique concept. Currently 65% of the buyers of Serenia are foreign nationals of non-Sri Lankan origin. Property prices and hotel room rates in the southern coast have been on an upward trend over the last three years, while the rating by Lonely Planet of Sri Lanka as the number one country to visit in 2019 predicts that the trend of visiting and investing in Sri Lanka will continue going up in the next few years as well, making Serenia the ideal investment.

“Furthermore, as an owner of one of the residences, you will have the unique opportunity to place your luxury residence in a Rental Management Program which offers a rental return of 7-10% USD return per year,” said Karunanayake.

Set to develop and strengthen Sri Lanka’s luxury holiday home sector, Serenia focuses on a specific message this year – “Own your place in paradise”.

Residences start at $320,000.

Find out more at www.sereniaresidences.com or call 0770 380 280.