Granite Capital to invest Rs 600 mn in residential villa project in Koggala

Granite Capital (Pvt Ltd) will invest Rs 600 million to launch Sri Lanka’s first international residential community villa development project, Catalina in Koggala.

Catalina Managing Director Jeevan William said the investment comprises 55% Sri Lankan shareholder capital, and 45% of capital from investors from US, Australia and Singapore.

He said that a five and half acre land overlooking Paddy fields have been already purchased and they will first build a model ‘show’ villa and club house. “These would be ready mid this year and the balance 21 villas would be ready by end of 2019. We hope to market them from US$ 275, 000,” he said. William said they were targeting senior citizens and have already received inquiries from Australia, Canada and USA.

He stressed that the Catalina project was not a retirement home or a nursing home but a kind a villa concept and a country-club resort-style environment with several recreation activities for residents.

Chairman, Catalina Brad West, said that they have several projects in Indonesia, Thailand, and decided to invest in Sri Lanka as they felt people like to live here. “We also observe a good regulatory framework for investors and also for buyers as foreign ownership laws are being relaxed.”

He said that they would invest more in Sri Lanka in the future and said they would be under the BOI.

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