Tamba Villas to capitalise on property law amendments | Sunday Observer

Tamba Villas to capitalise on property law amendments

Eduard Hempel and Carlita Weerasingha. Pic: Vipula Amarasinghe
Eduard Hempel and Carlita Weerasingha. Pic: Vipula Amarasinghe

Tamba Villas will supplement the development related activities in the Southern coast with an investment of over US $ 15 million to build, luxurious, yet at the same time, a home away from home units.

This development will add value to the Southern Province development agenda and will further bring foreign exchange in to the country.

The biggest plus point in economic terms for real estate developers was the fact that foreign investors can now buy Freehold in a condominium development. Director and Co-Project Principal for Tamba Villas, Eduard Hempel said, “On July 30, 2018, Parliament ratified an amendment to the laws so that foreigners can now buy freehold ground floor upwards. Previously, foreigners could only buy freehold above the fourth floor 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, but this latest development now opens the doors wide for foreigners to invest in real estate in Sri Lanka, he said.

“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 my vision for this latest venture, Tamba Villas,” Hempel 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, a place that affords them a 5-star life-style.

Tamba Estates Pvt Ltd., a Sri Lankan Limited company, owns 100% of the land on which Tamba Villas will be built on.

“Our timing couldn’t be better as the foreigners can now own their Free-hold, which opens up the doors globally,” Hempel said.

Tamba Villas is a collaboration between Shakticola and A D Lab, a Singaporean Architectural firm focused on cutting edge residential projects, while STIX, another landscape designer designed the tropical gardens. Bringing a wealth of knowledge and experience, Dawn Ratcliffe is now an integral part of the Tamba Villas team. Dawn Ratcliffe lives and works in Sri Lanka and is the Founder and Director of DR Designs.

Tamba Villas will be built on a private coconut estate which is 300 metres from Thalpe beach. 

Comments