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HomeBiz NewsSouthBeach Weligama achieves first milestone – breaks ground

SouthBeach Weligama achieves first milestone – breaks ground

  • 40% of the apartments sold in just six weeks
  • Category 1 Contractor Buildmart secured for construction, reaffirming unsurpassed quality

 

Sri Lanka’s most exciting new freehold address on the Weligama coast entered its first chapter of construction in a groundbreaking ceremony held recently at the site. It also etched another milestone when in just six weeks, 40% of the apartments had already been sold.

SouthBeach Weligama is internationally designed by 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 most famous buildings including the CCTV Tower and London Olympic Tower 2021 and is the lead architect for the John Keells Cinnamon Life project in Colombo.  His son John leads the Southbeach Weligama project.

Breaking ground at the site in Weligama also means that Balmond Studio is keen on completing the 106 apartment complex billed to transform oceanfront living by its scheduled date of 2024. The construction will be led by Buildmart, a Category 1 Contractor reaffirming the project’s commitment to unsurpassed quality. The complex offers exceptional value offering an investment of USD 16 Mn (LKR 3.2 Bn) and has a current mix of foreign and local buyers.  The initial booking deposit is 5% and 15% upon signing of the Sales & Purchase Agreement.

With an affordable alternative to a 5-star hotel, SouthBeach Weligama which has 75 meter pristine beachfront and 35 meter 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 6.5%.  Southbeach Weligama is a celebration of modern beachfront living which empowers the local community, where local craftspeople will produce furniture for the project, an art gallery will showcase modern Sri Lankan artists and a music room will be a hub for local musicians to gather.  

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