Foreigner's can buy free hold real estate in Sri Lanka again !!

Tuesday, 07 August 2018 05:52

“This is Great news for foreign investors”, says Eduard Hempel of Tamba Villas in Thalpe, the new and upcoming idyllic property development near Galle.

On the 30th of July 2018, the Sri Lankan Parliament ratified an amendment to the laws so that foreigners can buy Freehold in a condominium development.

Previously, foreigners could only buy Freehold from the 4th floor up, and consequently Sri Lankans were wary of buying the lower floors since they couldn’t sell them to foreigners.

This was having the effect of bending new buildings out of shape all over Colombo, as developers dedicated the first four floors to ‘car parking’.

After all, Sri Lankans quite rightly didn’t want to purchase a property with a market that is limited.

“We are incredibly excited, as we are just going into market with our delightful Condominium/Villa development in Thalpe, and it is the first of its kind in the Country.

Our timing couldn’t be better! Foreigners can now own their Free-hold, which opens up the doors globally.

The Southern coast will soon be home to an idyllic, luxurious yet at the same time, a home away from home development; Tamba Villas in Thalpe.

“To build a home that is so exceptional that coming home either for a holiday, or to live there permanently would be the ultimate in paradise living!

This is Eduard Hempel’s vision for his latest venture, Tamba Villas.

Eduard Hempel Director & Co-Project Principal for Tamba Villas, expressing his vision for his latest project, which will be in excess of US $ 15 million, went on to say, “we want to give each home owner an idyllic life in a beautiful, safe space with all the comforts of modern day living.

Our collection of 37 Villas have been purpose-built for people who like to work, holiday or retire in one of the most beautiful areas of Galle.

Tamba Villas is a delightful private coconut estate which is set back 300 metres from Thalpe beach (on the land side) surrounded by lush tropical gardens.

The Villas have been designed by an award-winning Singaporean Architectural team, to create a coastal lifestyle design with high-end amenities for living, working or early retiring in a much sought-after area in the south of Sri Lanka.

Hempel and Trevor Morgan Director & Co-Project Principal for Tamba Villas, expect to commence construction of this unique and niche development project in early 2019, while completion of Tamba Villas is estimated to be around late 2020.

Tamba Villas is a collaboration between Shakticola and Award-winning A D Lab, a Singaporean Architectural firm focused on cutting edge residential projects, while STIX, another award-winning landscape designer designed the lush tropical gardens.

“The Tamba team wanted to build a development that did not overwhelm the landscape, instead ensuring that each Villa blends in sensitively around all the greenery, preserving the natural surrounding beauty”, said Hempel.

Plans are also in place for a Business Centre, a visiting licensed doctor and a visiting beautician, while many other amenities will be added accordingly.

“With only 37 villas, we don’t expect they will be around for long”. 

Foreigner s can buy free hold real estate in Sri Lanka again

Last modified on Tuesday, 07 August 2018 06:03