John Keells Properties has reported a strong demand for the real-estate options at The Victoria Golf and Country Resort (VGCR). The country’s leading property developer has announced that over 50% of its exclusive Sunrise Ridge Holiday Homes have been sold to date and they have also sold out all the premium land plots from phase one which was launched in September 2020.
The 16-villa Sunrise Ridge development -designed by renowned architect and urban designer Madhura Prematilleke- is set at the heart of the pristine fairway, and features two bedrooms with en-suite baths, a kitchenette, living room, and private deck in each 2,000 sq.ft impeccably designed villa. Having claimed a stake in this secluded hillside oasis, homeowners can soon wake up to expansive views of the golf course and the spectacular Victoria reservoir.
“The freedom to own a villa of their dreams and not have the hassle of constructing or managing the property has exerted a decisive influence on buyers,” commented Nadeem Shums, Head of Sales and Marketing at John Keells Properties on the developer’s strong sales performance. “What we offer at the VGCR is a unique turnkey development with a six-year management period, where you can be a part of an exclusive golfing community. We continue to see a growing demand for leisure linked real estate investment opportunities in the country, which is a reflection of how market sentiment is moving in a positive direction.”
Ever since the announcement of its residential offering last year, the VGCR properties have emerged as a top investment choice for those seeking an unrivalled elevated lifestyle without having to bear the onus of maintenance and operational costs. The holiday homes have been offered up as turnkey projects, priced from Rs 55 million onwards, where VGCR will manage the property for the first six years, with all costs borne by the golf course. Among other benefits, homeowners can enjoy a complimentary five-year membership at the Club, discounts on food and beverages, up to a 90-day free stay, and a share of the hotel room revenue during the six-year management period.
Additionally, John Keells Properties has collaborated with Troon International – the largest and most established golf management company in the world for the management of the 120-acre 18-hole championship golf course.
Located in picturesque Digana -less than 100 miles away from Colombo and just a short drive from Kandy-, both aficionados and beginners of the sport look towards the VGCR for its world-class facilities, but also for its accessibility from the city and breathtaking panoramic views – the ideal luxe upcountry retreat.
Development of the Kandy highway will improve accessibility to VGCR and the journey time expected to come down significantly once the highway is completed.
For further information on the exclusive real estate options at VGCR, please contact 0712376376 or visit www.golfsrilanka.com.
Seven factors of concern at upcoming Monetary Policy Review
by Sanath Nanayakkare
The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.
In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.
* Foreign Reserves USD 3.1 billion – Dec 2021
* Inflation CCPI 12.1% – Dec 2021
* GDP Growth -1.5% – 3Q2021
* Private Credit LKR 60.5 billion – Nov 2021
* 03M T-Bill rate 8.38% as at 12.01.22
Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion
Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21
First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.
“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.
As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.
First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.
However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.
Sri Lanka’s dash brand enters international markets
Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.
Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,
Janaka Abeysinghe appointed SLT CEO
Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.
The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.
Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.
In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.
He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.
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