SouthBeach Weligama, Sri Lanka’s new freehold address on the picturesque Weligama coast completed its first phase of construction, the completion of the raft foundation, ahead of schedule despite working through a very challenging period. It also etched another milestone when in just eight months since its launch, nearly 50% of the apartments have already been sold, a spokesman said.
Completion of the raft foundation also indicates that Balmond Studio is well poised to complete the 106 apartment complex billed to transform oceanfront living on schedule in December 2024. The complex offers exceptional value at a starting price of USD 180,000. It currently has 40% foreign and 60% local buying where the initial booking deposit is 5% and signing of the Sale & Purchase Agreement is 20%, he added.
SouthBeach Weligama is designed by internationally acclaimed design trailblazer Balmond Studio led by Sri Lankan born Cecil Balmond OBE, the world’s leading thinker on form and structure. He has been a consultant on some of the world’s architecturally most groundbreaking buildings including the CCTV Tower and London Olympic Tower 2021 and is the lead architect for the John Keells Cinnamon Life project in Colombo. Committed to building a modern Sri Lanka, his son John leads the SouthBeach Weligama project, he added.
With an affordable alternative to a 5-star hotel, SouthBeach Weligama which has 75 metre pristine beachfront and 35 metre pool, narrates a complete, distinctive and ethical lifestyle with a year-round yield for its one and two bedroom apartments of 727 square feet and 1,137 square feet respectively, predicting a gross rental yield of above 6.5%. SouthBeach Weligama is a celebration of modern beachfront living which empowers the local community, enabling local craftspeople to produce furniture for the project, an art gallery showcasing modern Sri Lankan artists and a music room, a hub for local musicians to gather, the spokesman said.