Foreigners can buy freehold real estate in condominiums following the passing of amendments to the law in Parliament recently.
“This is great news for foreign investors,” says Eduard Hempel of Tamba Villas in Thalpe, the new and upcoming idyllic property development near Galle.
Previously, foreigners could only buy freehold from the fourth floor upwards, 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/willa 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,” Hempel said. 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.
Hempel, Director and Co-Project Principal for Tamba Villas, which will be over US $ 15 million, said, “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 private coconut estate, 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 and Co-Project Principal for Tamba Villas, expect to commence construction work early next year, while completion of Tamba Villas is estimated to be around late 2020.
“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.