Hiran Cooray wants to retire in a penthouse on the beach
View(s):Veteran hotelier Hiran Cooray will be venturing into the condominium industry investing Rs.4.5 billion in the new WaterScapes property to be established as a resort complex in Negombo with construction set to start by the end of this year.
Artist's impression of the proposed new condominium.
“We have received preliminary approvals for the project and will start construction by the end of this year,” Jetwing Chairman Hiran Cooray said in an interview with the Business Times at his hotel Jetwing Colombo Seven. The Negombo resort property is located in proximity to its other property Jetwing Lagoon thereby creating the resort effect that most buyers seek in purchasing an apartment close to the beach.
With the land already available the investment would be made from the Jetwing Beach that is Negombo Hotels Ltd. and he noted “If there is a future in this sector we will expand.”
To be named WaterScapes, the condominium will comprise 122 units that would be 34 one bedroom units, 40 two bedroom units, 40 three bedroom units and eight penthouses. The penthouses would have both the lagoon and sea view while the other apartments will have either the sea or lagoon views. Construction is expected to take three years for completion.
Targeting Sri Lankans to buy or lease out the property Mr. Cooray believes that it could even be purchased as an investment by buyers who would want to rent it out for tourists and also use it as their own second home as well.
Planning to retain some of the penthouses for family, Mr. Cooray believes this is a good way to retire and believes there might be a number of retirees like himself wanting to buy these apartments as well since finding domestic help is hard to come by these days.
He noted that people would have services to maintain their apartments even when they are away from home.
In this respect, he pointed out that Jetwing will be ready to provide housekeeping services at an extra fee and a restaurant too would be made available as well.
He also explained that some of the property was likely to be picked up by foreigners with about 30-40 per cent allocated for this segment of buyers.
Talking about an ever growing industry the condominium market is on the rise in Sri Lanka and Mr. Cooray points out that most people outside the country perceive this to be land where more such properties could come up whereas Sri Lankans with their island mindset believe already there are too many.
So he believes that an additional condominium located within minutes of the Bandaranaike International Airport (BIA) and in access to roads connecting to the Colombo city the property would be a prime establishment.
The façade is a unique idea and the writer, recently, had the opportunity of getting one of the first glimpses into the new property that had an impressive outlook and the inside layout is said to be user friendly.
The condominium is being designed by the same architect who undertook the task of Jetwing Colombo Seven Sim Boon Yan with construction to be carried out by MAGA.
The property would be selling at Rs.30,000 per sq. ft, he said adding that the space for one, two and three bedroom apartments were: 726-1000 sq. ft, 1132 – 1416 sq. ft., 1330 – 1717 sq. ft respectively. The penthouses would have living spaces of 2310 – 3578 sq. ft. but prices on these have not been quoted as yet.
With a beachfront this condominium will be a luxurious but affordable resort living even for the discerning traveller once they are leased out to tourists.
Jetwing that has always been in the business of hospitality has taken a new step diversifying its product portfolio venturing into this condominium industry.
Mr. Cooray noted that this would mean “more options” for Jetwing and pointed out that “all these developments will depend on how the country evolves.”