Crystal Sands to sparkle the South Coast
Lonely Planet has just rated Sri Lanka as its number one travel destination in 2019. The latest industry statistics also seem encouraging for the country, what with the Sri Lanka Tourist Board in May saying that the country recorded a 15 per cent growth in tourism compared to last year for the January to May period. In this backdrop, real estate industry is becoming more and more essential forming the core infrastructural basis of the tourism sector. This is where four upwardly mobile individuals came together to explore an opportunity when they realised that Sri Lanka is a decidedly exciting market for tourism focused real-estate investment.
The four directors including Kumar Sangakkara.
So what does a former successful cricketer, an economist, a diplomat and a successful real estate industry player have in common? It is Crystal Sands, a project that consists of 25 luxury apartments, located on a pristine stretch of beach at Ratgama in southern Sri Lanka – just 15 minutes from the famous prolific Galle Fort.
The team at Crystal Property Group which owns Crystal Sands – Kumar Sangakkara, Dr. Dinuk Jayasuriya Brett Negus and Reza Ismail, – has a wealth of experience.
Sri Lanka’s own cricketing legend, Mr. Sangakkara brings to the team strategic insights and an understanding of the real-estate dynamics along the South Coast, accumulated from many years of successfully buying and selling properties. “Each time I am interested in buying a land, I have always looked at it ‘as a place to live in,” he says at an exclusive interview with the Business Times. He adds that his interest in beachfront apartments has been longstanding and he has had many discussions with many people about it. But his interest was piqued when he met Dr. Jayasuriya, holding a PhD (in Economics) who had completed an apartment project already. It wasn’t long before they found two more with the same passion.
Mr. Ismail with skills across all aspects of the real estate industry including finance, project management, sales and marketing in his position as the CEO of US$ 9 million worth Crystal Sands adds that last year the South Coast sold 4 million room nights as opposed to the 1 million it did in 2010. “Now it has 75 per cent occupancy. This is why the South was selected for Crystal Sands amongst other things,” he says.
Mr. Negus who has spent the majority of his career sourcing, managing and developing overseas property portfolios for the Australian Government joined in the discussion saying that Ratgama is the best location as it’s situated between Galle and Hikkaduwa.
The team has successfully completed two condominium complexes in Colombo – Scholar House (Colombo 4) and more recently Verge (Rajagiriya). “Internationally, we have experience in sourcing, developing, renovating and managing property portfolios in Australia, Singapore, Kenya, Papua New Guinea, Timor Leste, Kiribati and Samoa,” Dr. Jayasuriya says.
Crystal Sands apartments which will be completed in two years’ time, offer owner-occupiers an enviable lifestyle and provide investors with the prospect of strong rental returns and impressive capital growth, he adds noting that it’s designed by award-winning Australian architect, Jeremy Mather and Sri Lankan architectural firm Arch International.
Unique to Crystal Sands, each apartment (apartment sizes ranging from – 855sqft to 3777sqft) will have its own plunge pool and deliver its owner an unobstructed view of the Indian Ocean. The building has a rooftop exclusively dedicated to an infinity pool, poolside lounge, bar and restaurant.
On the lower levels, a state of the art fitness centre and outdoor kids’ area and residents have access to an international kitchen that provides room service with an à la carte menu. Crystal Sands has high-end living features such as restricted floor access cards, in-room tablets, and a 24-hour chauffeur service. The absolute beach frontage means that the coastline becomes an extension of a resident’s personal living area.
KPMG which was approached by Crystal Property Group (Pvt) Ltd to prepare a report assessing the validity of the assumptions for this beach condominium development in their report said that an apartment rented fetches a 6 per cent to 10 per cent net US dollar annual return.
Mr. Ismail also notes that already two apartments were sold on Monday itself – just when they started the sales campaign. He is upbeat on the boutique nature of this project. The company aims to do more such projects. “But first we want to build a brand and we got a reputation to uphold as being ethical and truthful,” Mr. Negus says.