Shangri-La Colombo apartments practise no cash investment policy
Those who aspire to own condominiums at ‘One Gale Face’, the mixed development project of Shangri-La Colombo will need to ‘fool proof’ their investments.
Shangri-La Colombo and Hambantota Resort and Spa Deputy General Manager, Rajeev Garg told the Business Times on the sidelines of the soft launch of their show luxury apartment, that some 50 per cent of the apartments were sold while stressing that no cash will be accepted when one purchases a condo. He implied that they will not encourage any money laundering or an illegal activity of any sort.
“Sri Lankans can invest in our apartments through a bank (either a bank loan or a cheque payment) but strictly no cash payment,” he said. Foreigners (even Sri Lankans living abroad) can open a Securities Investment Account (SIA) if they have an income in US dollars and buy apartments, he stressed.
Mr. Garg explained the reason that foreign investors should have a SIA is to vouch for the money through a legitimate channel. “It is (SIA) very legitimate and allows the investor to bring the US dollars into the country for investment. The investor should show the source of income. Later if they want to sell the apartment, they have to go through the same SIA to repatriate the money.” Mr. Garg added that this way it helps the Central Bank to track how the money came into the country and how it will be repatriated. “There is no grey area in this system,” he added.
“We don’t accept any other currency apart from US dollars because the apartments, mall and hotel rates are in US dollars.”
Mr. Garg added that foreigners who don’t earn in US dollars will need to convert them to US dollars, open a SIA and make the payment.
He said the 50 per cent of the residential apartments that have been bought are by a mixed group of professionals, businessmen, diaspora, local wealthy investors and foreign investors. He said that the first phase of the property which is the hotel will be opened before the end of this year, during the third quarter.
Mr. Garg also mentioned that Shangri-La came into Sri Lanka the following year after the civil war ended in 2010. “We were the first foreign hotel chain to come into Sri Lanka and showed the path for other hotel chains to walk in. The confidence on the country for developers and investors of Shangri-La was very high at that time. The real estate market has tremendously grown.Shangri-La is renowned for its world class hospitality and I’m sure what we bring here and what other hotel chains would bring will suit the needs of the travellers and businessmen.”
Shangri-La Colombo is the very first international mixed development property which has all four components for a working person – live in the residency, work in the office tower, play in the mall and stay in the hotel. This binds the community who wants to live here, open a shop, lease out an office space, etc,” elaborated Mr. Garg.
The starting price of aresidential apartment is US$ 800,000 and goes up to about US$ 2 million, noted Mr. Garg. According to the media release the new show suite is a four bedroom unit of 2,765 square feet comprising a living area, dining, dry and wet pantry, bedrooms, three bathrooms, a maid’s room and a yard. The residencies at One Galle Face will feature 390 apartments consisting of two, three and four bedroom units. Additionally it will contain 16 penthouses offering eight duplex and eight simplex units.