Shangri-La Sells Over 100 Condos First Month
I've just returned from Colombo Sri Lanka where the property trade is buzzing over news that the Shangri-La mixed use project The Residences at One Galle Face has seen overwhelming demand.
In the first month since launching over 100 units have been reserved.
With apartment configurations of two, three and four bedrooms, pricing ranges from USD700,000 to USD1.5 million.
Pricing per square meter is in excess of USD5,000 which is far above the market average.
The prime project has 406 units with two fifty story towers and is adjacent to a hotel and commercial complex.
Sales are being made directly via the developer's in-house team.
Last week Asia's real estate sector was boosted on news that Indonesia is close to closing our a new foreign ownership guidelines that would enable foreigners to own upscale apartments valued at USD375,000 and above.
One caveat of the move could be a restricted term of thirty years.
That said Thailand's leasehold model currently allows for a thirty year term subject to renewals.
While the country's present government regime has yet to introduce any new initiatives on foreign property ownership, Thailand's freehold condominium regime which provides for overseas ownership and structured leasehold arrangements are still viewed in many ASEAN countries as amongst the regions most favorable.